There are several different classifications of insurance you should be aware of. The classification determines the type of regulation that governs it; knowing a policy’s classification will help you determine how much protection is available for your clients’ coverage, and where to turn to get help.
o Admitted insurance – coverage licensed by the state in which it is purchased; the issuing company can be either domestic or foreign.
o Alien insurance – coverage sold by an insurer domi- ciled outside of the United States.
o Domestic insurance – coverage sold within a state by an insurer licensed within that state.