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AssistanceGeneral Conditions AON STUDENTSPage 1General Conditions AON StudentsAON STUDENTS 00 03641 00 Preliminary clauses 1. CONTRACT REGULATION AND GENERAL INFORMATION FOR THE POLICYHOLDER This
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01
To fill out the Illinois surplus line law, follow these steps:
02
Start by completing the heading section of the form, providing the necessary information such as your name, address, and contact details.
03
Next, identify the insurance broker or agent responsible for placing the surplus line coverage.
04
Specify the insured entities or individuals who will benefit from the surplus line coverage.
05
Describe the type of insurance coverage being obtained through the surplus line.
06
Provide the effective date and duration of the coverage.
07
Indicate the premium amount and the method of payment.
08
List any additional information or endorsements required for the surplus line coverage.
09
Finally, review the completed form for accuracy and sign it in the designated space.
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Note: It is recommended to seek legal advice or consult the Illinois Department of Insurance for any specific requirements or regulations pertaining to the surplus line law.

Who needs illinois surplus line law?

01
Illinois surplus line law is applicable to insurance brokers, agents, or individuals who are involved in placing or obtaining surplus line insurance coverage in the state of Illinois.
02
These individuals or entities may include insurance professionals, businesses, or individuals seeking specialized insurance coverage that cannot be procured through the admitted insurance market.
03
Surplus line insurance provides coverage for risks that are typically not covered by traditional insurance carriers, making it valuable for those with unique or non-standard insurance needs.
04
Therefore, anyone who requires specialized insurance coverage not available through admitted carriers may need to adhere to the Illinois surplus line law.
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The Illinois surplus line law regulates the placement of insurance coverage that cannot be obtained from licensed insurers. It allows licensed surplus line brokers to procure insurance from non-admitted carriers.
Licensed surplus line brokers who place insurance with non-admitted insurers are required to file under the Illinois surplus line law.
To fill out the Illinois surplus line law forms, brokers must provide information such as the insured's details, the insurance coverage being sought, and the non-admitted insurer's information.
The purpose of the Illinois surplus line law is to ensure that insurance coverage is available for risks that are not insurable through traditional markets while providing oversight and regulation for broker transactions.
Reports must include the name of the insured, policy details, type of coverage, premiums, and the surplus line insurer's information.
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