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Michigan Life and Health Insurance Exam Questions and Answers 2024 $9.99   Add to cart

Exam (elaborations)

Michigan Life and Health Insurance Exam Questions and Answers 2024

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  • Course
  • Michigan Life and Health
  • Institution
  • Michigan Life And Health

Michigan Life and Health Insurance Exam Questions and Answers

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  • September 3, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Michigan Life and Health
  • Michigan Life and Health
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mereka
Michigan Life and Health Insurance
Exam Questions and Answers

Actuarial Department - Answer -Calculates policy rates, reserves, and dividends

Alien Insurer - Answer -An insurer whose principal office and domiciled location is
outside the country

Admitted Insurer - Answer -An admitted or authorized insurer is an insurer who has
received a certificate of authority from a state's department of insurance authorizing
them to conduct insurance business in that state.

Broker - Answer -Represents themselves and the insured (i.e. the client, customer)

Captive Insurer - Answer -an insurer established and owned by a parent firm for the
purpose of insuring the parent firm's loss exposure

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 with its principle or home office in a state where
it is authorized

Foreign Insurer - Answer -an insurer with its principal office or domicile location in a
state different from the state it is transacting insurance business

Fraternal Benefit Society - Answer -Non-profit benevolent organization that provides
insurance to its members. Based on religious, national, or ethnic lines.

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