Massachusetts Property & Casualty Insurance License Exam Study Guide
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Course
Massachusetts Property & Casualty Insurance
Institution
Massachusetts Property & Casualty Insurance
Massachusetts Property & Casualty
Insurance License Exam Study Guide
Insurance - answerTransfer of risk from a person or business to an insurer
Risk - answerUncertainty / Possibility of a loss
Exposure - answerRisks for which the insurance company would be liable
Peril - answerA cause of loss....
Mutual Insurer - answer✔•Owned by the policyholders (customers)
•Dividend is not guaranteed
•Dividend is paid to policyholder
•Dividend is not taxable, considered refund of premium
•Issues participating policies
Fraternal Insurer - answer✔•Provides insurance and other benefits
•Must be a member of the society to get benefits
Reciprocal Insurer - answer✔•Unincorporated
•Members are required to pay an assessed amount if a loss to any member of the group occurs
•Managed by an attorney-in-fact
Lloyd's association - answer✔Insurance provided by individual underwriters, not companies
•Insures unusual risk
-Hole in one contest
-Athlete's arm
-Celebrity's hair
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