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RMIN 4000 Edmunds Exam 2 Study Guide Solutions
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RMIN 4000 Edmunds Exam 2 Study Guide Solutions major types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual...

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  • November 13, 2024
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  • 2024/2025
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RMIN 4000 Edmunds Exam 2 Study
Guide Solutions

major types of private insurers - ANSWER✔✔-Stock, Mutual, and Lloyd's of London


stock insurers - ANSWER✔✔-corporation owned by stockholders.


objective is to earn profit for stockholders by increasing the value of the stock and

paying dividends


Mutual insurers - ANSWER✔✔-a corporation owned by policyholders. profits are

distributed to policyholders by dividends or rate reductions


types of mutual insurers - ANSWER✔✔-advance premium mutual, assessment mutual,

and fraternal insurer


assessment mutual - ANSWER✔✔-insurer has the right to assess policyholders an

additional amount if the insurer's financial operations are unfavorable


advance premium mutual - ANSWER✔✔-insurer does not issue assessable policies


fraternal insurer - ANSWER✔✔-a mutual insurer that provides life and health

insurance to members of a social or religious organization




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,Lloyd's of London - ANSWER✔✔-The world's leading insurance market that provides

services and physical facilities for its members to write specialized lines of insurance.

They underwrite insurance for syndicates.


Is Lloyd's of London an insurer? - ANSWER✔✔-No


Lloyd's of London brokers - ANSWER✔✔-represent policyholders to arrange coverage

with syndicates


syndicates - ANSWER✔✔-offer insurance contracts in the market


who makes up a syndicate? - ANSWER✔✔-members, managing agents, and

underwriters


insurance agent - ANSWER✔✔-Someone who legally represents the principal

(insurance company) and has the authority to act on the principal's behalf


Is the principal responsible for acts of an agent? - ANSWER✔✔-Yes, when the agent is

acting within the scope of authority


Agent Binding Authority - ANSWER✔✔-provide temporary insurance until the policy

is actually written (typically with P&C, NOT life


brokers - ANSWER✔✔-someone who legally represents the insured, places appropriate

coverage, is paid commission from insurer, and




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, importance of large brokerage firms - ANSWER✔✔-very important for commercial

P&C, have knowledge of specialized markets, and provide risk management and loss-

control services


surplus lines broker - ANSWER✔✔-"Wholesalers" who work with retail Agents and

Brokers, licensed to place business with a "non admitted" insurer


surplus lines - ANSWER✔✔-any type of insurance for which there is no available

market in the state


non-admitted insurer - ANSWER✔✔-an insurer not licensed to do business in the state


independent agency distribution - ANSWER✔✔-represent several unrelated insurers,

agency owns expirations and renewal rights


exclusive agency system - ANSWER✔✔-the agent represents only one insurer or group

of insurers under common ownership. agents do not own expirations or renewal rights

to policies


direct writer system - ANSWER✔✔-an insurer in which the salesperson is an employee

of the insurer, not an independent contractor. employees paid on "salary plus"


direct response system - ANSWER✔✔-Insurer sells directly to the consumer by

television or some other media




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