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RMIN 4000 Exam 2 Questions and Answers 100% Correct
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RMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% Correct Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London ...

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  • March 7, 2024
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • rmin 4000 exam 2 questions and answers 100 correc
  • rmin 4000 exam 2 questions and answers stuvia
  • major types of private insurers answer stock in

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RMIN 4000 Exam 2 Questions and Answers 100% Correct
Major Types of Private Insurers - ANSWER-Stock Insurers
Mutual Insurers
Lloyds of London
Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.)
Mutual Insurer - ANSWER--a corporation owned by policyholders.
-profits are distributed to policyholders by dividends or rate reductions.
(statefarm, nationwide, liberty mutual)
types of mutual insurers - ANSWER-assesement
advanced
fraternal
Lloyd's (of London) - ANSWER--NOT an insurer, but a society of members who underwrite insurance in syndicates.
-World's leading market that provides services and physical facilities for its members to write specialized lines of insurance
Lloyd's broker - ANSWER-represent policyholders to arrange coverage with syndicates
Lloyd's Syndicates - ANSWER-those insurance companies that offer insurance contracts in the market
managing agents - ANSWER-manage the syndicates, who typically specialize in certain
lines
underwriters - ANSWER-work for the syndicates to asses risks and determine premiums
other types of private insurers - ANSWER-blue cross blue shield plans
health maintenance organizations (HMO'S)
captive insurers
insurance agent - ANSWER--someone who legally represents the principle (insurance company) and has the authority to act on the principle's behalf -the principle (insurance company) is legally responsible for all acts of an agent when the agent is acting within the scope of authority
insurance binders - ANSWER-provide temporary insurance until the policy is actually written
-can be provided by property and casualty (P&C) agents
-life insurance agents usually have no authority to issue binders
insurance broker - ANSWER-Someone who legally represents the insured and: ◦Solicits applications and places coverage with the appropriate insurer. ◦Is paid a commission from the insurer. ◦In general, does NOT have the authority to bind
large brokerage firms - ANSWER--Very important in Commercial P&C coverage.
-May have knowledge of highly specialized insurance markets.
-May provide risk management and losscontrol services.
(AON, Marsh & McLennan, Willis Towers Watson)
surplus lines broker - ANSWER-Licensed to place business with a nonadmitted insurer.
surplus lines - ANSWER-Insurance for which there is no readily available, admitted market in the state
nonadmitted insurer - ANSWER-an insurer not licensed to do business in the state
Distribution-Independent Agency - ANSWER--Usually represents several unrelated insurers. ---Agents are paid a commission which varies by the line of insurance. -The agency owns the expirations or renewal rights to the business. -Agents may be authorized to adjust small claims and may provide loss control services
to their insurers
Distribution-Exclusive Agency System (Captive Agents) - ANSWER--Agent represents only one insurer or group of insurers under common ownership. -Agents are generally paid a lower commission rate on renewal business than on new business.
-Agents usually do not own the expirations or renewal rights to the policies. -Insurers provide strong support services to new agents
direct writer - ANSWER--An insurer in which the salesperson is an employee of the insurer, not an independent contractor. -Employees are usually compensated on a "salary plus" arrangement
direct response - ANSWER-Insurer sells directly to the consumer by television or some other media
independent agent - ANSWER-usually represents several unrelated insurers

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