RMIN 4000 Exam 2 - UGA Daniel Brown 2024 Solution Guide Graded A

RMIN 4000 Exam 2 - UGA Daniel Brown 2024 Solution Guide Graded A Private insurance industry US insurance industry employed 2.9m - closer to 3m now Insurers paid over $20 billion in premium taxes Major types of private insurers Stock insurers Mutual insurers Mutual Insurers Owned by policyholders Profits are distributed to policyholders through dividends or rate reductions Types of mutual insurers Assessment mutual Advance premium mutual Fraternal insurer Assessment mutual insurer has right to assess policyholders an additional amount if the insurer's financial operations are unfavorable Advance premium mutual insurer does not issue assessable policies *Do not have right to assess their policyholders (most ins companies today) Fraternal insurer provides life and health insurance to members of a social or religious organization Lloyd's (of London) World's leading market that provides services and physical facilities for its members to write specialized lines of insurance - marketplace of insurance Not an insurer What kinds of insurance does Lloyd's offer? casualty property marine energy motor aviation reinsurance MEMPCAR Lloyd's structure Lloyd's brokers Lloyd's syndicates Lloyd's brokers represent policyholders to arrange coverage with syndicates Lloyd's syndicates