Life & Health Insurance Exam With Complete
Solutions Graded A+
Actuarial Department
calculates policy rates, reserves, and dividends
Alien Insurer
is an insurer whose principal office and domiciled location is outside US
Admitted Insurer
an admitted or authorized insurer is an insurer who has received a certification of authority from a
state's department of insurance authorizing them to conduct insurance business in that state
broker
a broker represents themselves and the insured
captive insurer
is an issuer established and owned by a parent firm for the purpose of insuring the parents firm's loss
exposure
certification of authority
is a license issued to an insurer by a department of insurance which authorizes that company to
conduct insurance business in that state
claims department
responsible for processing, investing, and paying claims
divisible surplus
is the amount of earnings paid to policyowners as dividends after the insurance company set aside
funds required to cover reserves, operating expenses, and general business purposes
Domestic Insurer
is an insurer with its principal or home office in a state where it is authorized
foreign insurer
is an insurer with its principal office or domicile location in a state different from the state it is
transacting insurance business
fraternal benefit society
fraternal business societies are nonprofit benevolent organizations that provide insurance to its
members
industrial insurer
industrial insurers make up a specialized branch of the industry, primarily providing policies with small
face amounts with weekly premiums. Other names for industrial insurer include home service or debit
insurer
, Insurance
the transfer of risk through the pooling or accumulation of funds
insured
the insured is the customer recieving insurance protection under insurance policy
Lloyd's of London
LLoyds of london is not an insurer, but a group of individuals and companies that underwrite unusual
insurance
Multi-line insurer
is an insurance company or independent agent that provides one-stop-shop for businesses or
individuals seeking coverage for all their insurance needs
Mutual Insurance Company
Mutual Insurance companies are insurance companies characterized by having no capital stock, being
owned by its policy owners, and usually issued participating insurance
non-admitted insurer
a non-admitted or unauthorized insurer is an insurer who has not received a certification of authority
from a state's department of insurance authorizing them to conduct insurance business in that state
nonparticipating policy
typically issued by stock companies, do not allow policymakers to participate in dividens or electing
the board members
participating plan
is an insurance policy under which the policyowners share in the company's earnings through receipt
of dividends and can also elect board members
Private (commercial) insurer
private or commercial insurance companies are companies owned by private citizens or groups that
offer one or more insurance lines. Commercial insurer are not gov't owned
Reciprocal insurer
is an unincorporated organization in which all members insure one another
Reinsurance
is the acceptance by one or more insurer, called reinsurers, of a portion of the risk underwritten by
another insurer who has contracted for the entire coverage
Reinsurer
Solutions Graded A+
Actuarial Department
calculates policy rates, reserves, and dividends
Alien Insurer
is an insurer whose principal office and domiciled location is outside US
Admitted Insurer
an admitted or authorized insurer is an insurer who has received a certification of authority from a
state's department of insurance authorizing them to conduct insurance business in that state
broker
a broker represents themselves and the insured
captive insurer
is an issuer established and owned by a parent firm for the purpose of insuring the parents firm's loss
exposure
certification of authority
is a license issued to an insurer by a department of insurance which authorizes that company to
conduct insurance business in that state
claims department
responsible for processing, investing, and paying claims
divisible surplus
is the amount of earnings paid to policyowners as dividends after the insurance company set aside
funds required to cover reserves, operating expenses, and general business purposes
Domestic Insurer
is an insurer with its principal or home office in a state where it is authorized
foreign insurer
is an insurer with its principal office or domicile location in a state different from the state it is
transacting insurance business
fraternal benefit society
fraternal business societies are nonprofit benevolent organizations that provide insurance to its
members
industrial insurer
industrial insurers make up a specialized branch of the industry, primarily providing policies with small
face amounts with weekly premiums. Other names for industrial insurer include home service or debit
insurer
, Insurance
the transfer of risk through the pooling or accumulation of funds
insured
the insured is the customer recieving insurance protection under insurance policy
Lloyd's of London
LLoyds of london is not an insurer, but a group of individuals and companies that underwrite unusual
insurance
Multi-line insurer
is an insurance company or independent agent that provides one-stop-shop for businesses or
individuals seeking coverage for all their insurance needs
Mutual Insurance Company
Mutual Insurance companies are insurance companies characterized by having no capital stock, being
owned by its policy owners, and usually issued participating insurance
non-admitted insurer
a non-admitted or unauthorized insurer is an insurer who has not received a certification of authority
from a state's department of insurance authorizing them to conduct insurance business in that state
nonparticipating policy
typically issued by stock companies, do not allow policymakers to participate in dividens or electing
the board members
participating plan
is an insurance policy under which the policyowners share in the company's earnings through receipt
of dividends and can also elect board members
Private (commercial) insurer
private or commercial insurance companies are companies owned by private citizens or groups that
offer one or more insurance lines. Commercial insurer are not gov't owned
Reciprocal insurer
is an unincorporated organization in which all members insure one another
Reinsurance
is the acceptance by one or more insurer, called reinsurers, of a portion of the risk underwritten by
another insurer who has contracted for the entire coverage
Reinsurer
