XCEL Solutions
Reserve - answer funds held by the company to help future claims. minimum reserves
are usually set by the state Department of Insurance.
Multi-line insurer - answer an insurance company or independent agent that provides a
one-stop shop for businesses or individuals seeking coverage for all their insurance
needs. For example, many large insurers offer individual policies for automobile,
homeowner, long-term care, life and health insurance needs.
Stock companies (for the purpose of insurance) - answer insurance companies owned
and controlled by a group of stockholders whose investment in the company provides
the safety margin necessary in issuance of guaranteed, fixed premium, nonparticipating
policies.
Nonparticipating plan - answer insurance under which the insured is not entitles to
share divisible surplus of the company.
Mutual companies - answer insurance companies characterized by having no capital
stock; it is owned by its policy owners and usually issues participating insurance.
Participating Plan - answer a plan under which the policy owner receives shares
(commonly called dividends) of divisible surplus of the company.
reinsurer - answer a company that provides financial protection to insurance companies.
Reinsurers handle risks that are too large for insurance companies to handle on their
own and make it possible for insurers to obtain more business that they would otherwise
be able to.
Fraternal Benefit Societiesare - answernonprofit benevolent organization that provide
insurance to its members. Producers or agents who only sell within their society, do not
receive commission, and stay under a specific premium threshold often have less
stringent licensing requirements.
Fair Credit Reporting Act - answera federal law requiring an individual to be informed if
she is being investifated by an inspection company. The law also outlines the sharing
and impact of such information and requires individuals to be notified prior to being
investigated.
Buyer's Guide - answeran informational consumer guide books that explain insurance
policies and insurance concepts: in many states, they are required to be given to
applicants when certain types of coverages are being considered. often used with life
insurance, long-term care insurance, and annuities.
Reserve - answer funds held by the company to help future claims. minimum reserves
are usually set by the state Department of Insurance.
Multi-line insurer - answer an insurance company or independent agent that provides a
one-stop shop for businesses or individuals seeking coverage for all their insurance
needs. For example, many large insurers offer individual policies for automobile,
homeowner, long-term care, life and health insurance needs.
Stock companies (for the purpose of insurance) - answer insurance companies owned
and controlled by a group of stockholders whose investment in the company provides
the safety margin necessary in issuance of guaranteed, fixed premium, nonparticipating
policies.
Nonparticipating plan - answer insurance under which the insured is not entitles to
share divisible surplus of the company.
Mutual companies - answer insurance companies characterized by having no capital
stock; it is owned by its policy owners and usually issues participating insurance.
Participating Plan - answer a plan under which the policy owner receives shares
(commonly called dividends) of divisible surplus of the company.
reinsurer - answer a company that provides financial protection to insurance companies.
Reinsurers handle risks that are too large for insurance companies to handle on their
own and make it possible for insurers to obtain more business that they would otherwise
be able to.
Fraternal Benefit Societiesare - answernonprofit benevolent organization that provide
insurance to its members. Producers or agents who only sell within their society, do not
receive commission, and stay under a specific premium threshold often have less
stringent licensing requirements.
Fair Credit Reporting Act - answera federal law requiring an individual to be informed if
she is being investifated by an inspection company. The law also outlines the sharing
and impact of such information and requires individuals to be notified prior to being
investigated.
Buyer's Guide - answeran informational consumer guide books that explain insurance
policies and insurance concepts: in many states, they are required to be given to
applicants when certain types of coverages are being considered. often used with life
insurance, long-term care insurance, and annuities.
