RMIN 4000 Test 2 Daniel Brown Questions and Answers 100% Correct
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Course
RMIN 4000
Institution
RMIN 4000
Stock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by
increasing the value of the stock and paying dividends).
Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders
by dividends or rate reductions).
Advance P...
RMIN 4000 Test 2 Daniel Brown Questions and Answers 100% Correct
Stock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends).
Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders
by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer
Lloyd's of London - ANSWER-Specialized lines of business.
Brokers - ANSWER-represent policyholders to arrange coverage with syndicates. Legally represents insured.
Syndicates - ANSWER-Offer insurance contracts in the market.
Managing Agents - ANSWER-Manage the syndicates, who typically specialize in certain
lines.
Underwriters - ANSWER-Work for the syndicates to assess risks and determine premiums.
Insurance Agent - ANSWER-Someone who legally represents the principal (insurance company) and has the authority to act on the principal's behalf (Company's Legal Representative).
Insurance Binders - ANSWER-Provide temporary insurance until the policy is actually written.
Surplus Lines Broker - ANSWER-Licensed to place business with a nonadmitted insurer.
Surplus Lines - ANSWER-Refer to any type of insurance for which there is no available market in the state.
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