Actuarial Department - ANSWER-calculates policy rates, reserves, and dividends
Alien Insurer - ANSWER-An insurer domiciled in a country other than the United States.
Admitted Insurer - ANSWER-An insurer to which a state insurance department has granted a license to do business within that sta...
Actuarial Department - ANSWER-calculates policy rates, reserves, and dividends
Alien Insurer - ANSWER-An insurer domiciled in a country other than the United States.
Admitted Insurer - ANSWER-An insurer to which a state insurance department has
granted a license to do business within that state.
Broker - ANSWER-A broker represents themselves and the insured (client or customer)
captive insurer - ANSWER-insurer owned by a parent firm for the purpose of insuring
the parent firm's loss exposures
Certificate of Authority - ANSWER-A license issued to an insurer by a department of
insurance (or equivalent state agency), which authorizes that company to conduct
insurance business in that particular state.
claims department - ANSWER-responsible for processing, investigating, and paying
claims
Divisible Surplus - ANSWER-the amount of earnings paid to policyowners as dividends
after the insurance company sets aside funds required to cover reserves, operating
expenses, and general business purposes
Domestic Insurer - ANSWER-An insurer's principal or home office in a state where it's
authorized
Foreign Insurer - ANSWER-An insurer licensed to operate in a state but incorporated in
another state.
Fraternal Benefit Society - ANSWER-nonprofit benevolent organizations that provide
insurance to its members
Industrial Insurer - ANSWER-Industrial Insurers make up a specialized branch of the
industry, primarily providing policies with small face amounts with weekly premiums.
Other names for industrial insurers include home service or debit insurers.
Insurance - ANSWER-The transfer of risk through the pooling or accumulation of funds.
Insured - ANSWER-the customer receiving insurance protection under an insurance
policy
Insurer - ANSWER-insurance company
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