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According to the California code, all of the following are TRUE regarding binding authority for excess and surplus lines insurance EXCEPT
1. If more than one person is assuming the obligation, the risk will always be equally shared.
2. If more than one person shall share the risk, the policy shall contain a specification of how the risk is to be shared.
3. No person shall transact any insurance with nonadmitted insurers except through a licensed surplus lines broker.
4. Binding authority for excess risk coverage shall identify all persons assuming the risk.
Answer: 1. If more than one person is assuming the obligation, the risk will always be equally shared.
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