XCEL Chapter 1 Exam 2023 with 100% correct answers

Stock insurer - correct answer -A non-participating company is also called Insurance policy - correct answer -Contract that involves one party which indemnifies another when a loss arises from an unknown event Mutual - correct answer -A type of insurer that is owned by its policy owners is called Because dividends are considered to be a return of premium - correct answer -Why are dividends from a mutual insurer not subject to taxation? Participating life insurance policy - correct answer -Life insurance policy issued by a mutual insurer provides a return of divisible surplus Exist for profit - correct answer -Fraternal Benefit Society does NOT Reinsurance - correct answer -Type of insurance where an insurer transfers loss exposures from policies written for its insurers It is the distribution of excess of funds accumulated by the insurer on participating policies - correct answer -What is a true statement regarding a life insurance policy dividend? Mutual Insurer - correct answer -Insurer owned by its policyholders Reinsurer - correct answer -A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the Marketing - correct answer -One important function of an insurance company is to identify and sell to potential customers. Which of these BEST describes this function? Participating