Exam (elaborations)
Rmi 211 Exam Questions And Answers Latest Update
- Course
- RMI 211
- Institution
- Missouri State University
Rmi 211 Exam Questions And Answers Latest Update
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Rmi 211 Exam 2 2024-2025 QuestionsAnd Answers Latest Update
Stock insurer - a corporation owned by stockholders
Objective: earn profit by increasing value of stock and dividends
Mutual insurer - a corporation owned by the policyowners
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,Three main types of mutual insurers - advance premium mutual, assessment
mutual, fraternal insurer
Advance premium mutual - owned by the policyowners; there are no
stockholders, and the insurer does not issue assessable policies
Assessment mutual - has the right to assess policyowners an additional amount if
the insurer's financial operations are unfavorable
Fraternal insurer - a mutual insurer that provides life and health insurance to
members of a social or religious organization
Demutualization - a mutual insurer is converted into a stock insurer
Holding company - a company that directly or indirectly controls an authorized
insurer
*Lloyd's of London - not an insurer, but a society of members who underwrite
insurance in syndicates
Reciprocal exchange - an unincorporated organization in which insurance is
exchanged among the members (called subscribers)
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, Blue Cross and Blue Shield plans - - generally organized as nonprofit, community
oriented plans
- most plans have merged into one entity
- many sponsor HMOs or PPOs
- some plans have converted into a for-profit status to raise capital and become
more effective
Blue Cross plans - provide coverage for hospital services
Blue Shield plans - provide coverage for physicians' and surgeons' fees
Health Maintenance Organization (HMO) - an organization that provides
comprehensive medical care to subscribers for a fixed fee
Captive insurer - an insurer owned by a parent firm for the purpose of insuring
the parent firm's loss exposures
Savings Bank Life Insurance - refers to life insurance that is sold by mutual savings
banks, over the phone or through Web sites
*Agent - someone who legally represents the principal and has the authority to
act on the principal's behalf
- principal legally responsible for all acts of an agent when agent acting within
scope of authority
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