Exam (elaborations)
CPCU 520 EXAM – 38 QUESTIONS AND ANSWERS
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- CPCU 520 EXAM – 38 QUESTIONS AND ANSWERS
CPCU 520 EXAM – 38 QUESTIONS AND ANSWERS
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CPCU 520 EXAM – 38 QUESTIONS ANDANSWERS
Classification of Insureds - -Legal Form of Ownership
Place of Incorporation
Licensing Status
Insurance Distribution Systems and Channels
-Legal Form of Ownership - -Proprietary Insurerers
Cooperative Insurers
Other Insurers
-Place of Incorporation - -Domestic Insurer
Foreign Insurer
Alien Insurer
-Licensing Status - -Licensed Insurer (admitted insurer)
Unlicensed insurer (non-admitted insurer)
-Insurance Distribution Systems and Channels - -Independent agency and
brokerage marketing system
Direct writer marketing system
Exclusive agency marketing system
-Stock Insurer - -Owned by shareholder who elect a board of directors to
supervise operations. Dividends from equity investments of insureres are
returned to shareholders
-Mutual Insurer - -belong to PH who elect a board of directors. Benefits
besides those normally added onto the surplus returned to PH as dividends
-Lloyds of London - -meeting place of London insurers. Lloyd's is a
marketplace for hundres of u.w syndicates, each in effect a mini-inurer
-set standards for ites memebers, but does not deliver the policy itself.
-Each syndicate is managed by an u/w who decides which risk to accept.
Generally a risk underwritten at Lloyds is going to be shared by a lot of
syndicates
-Reciprocal Insurance Exchanges - -An unincorporated band of individuals
or ogranizations (subscribers) that consent to pool risks with the intention of
paying the cost of retained losses. Also referred to as inter-insurance
exchanges, they are managed by an attorney-in-fact. Subscribers have
contingent liability (several and proportionate) for paying off the losses of
the reciprocal.
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