1. Mutual Insurance Companies
Answer: organized and incorporated under state laws. Nostockholders.
2. Mutual companies
Answer: Participating, they pay dividends.
3. Stock company
Answer: Owns Stock. Nonparticipating (no dividends)
4. Risk Retention Group
Answer: Mutual company formed to insure ppl in the same business, occupation, profession
(pharmacists, dentists, engineers)
5. Fraternal Benefit Societies
Answer: Non profit organization, lodge system that includesritualistic work, and maintain a
rep form of gov with elected officers.
6. FICA
Answer: Made up of Social Security and Medicare
7. Variable Product
Answer: Dual license. One license issued by FINRA & the other Life &Annuity (issued by the
state)
8. Fair Credit Reporting Act
Answer: Consumers have the right to question what is on theircredit report
9. Domestic insurer
Answer: company doing business in the state in which it is incorporated
10. Foreign insurer
Answer: company licensed & doing business in states other than theone in which it is
incorporated
11. Buyers Guides
Answer: generic (explain various types of life insurance products, including variable
annuities)
12. Policy Summaries
Answer: Specific to the Policy - ids the agent, insurer, policy, each rider, and includes info
about premiums, dividends, benefit amounts, cash surrendervalues, policy loan interest rates, and
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamNavigator. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.