Wisconsin Life Insurance Exam Prep 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Course
Wisconsin Life Insurance
Institution
Wisconsin Life Insurance
Wisconsin Life Insurance Exam Prep 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) Stock insurer
ANS - Owned by stockholders/shareholders
- Pays taxable dividends to shareholders if a profit ismade
-Issues nonparticipating policies (non-PAR)
2. Mutual Insurer
ANS - An insur...
Wisconsin Life Insurance Exam Prep.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Life%20Insura
Wisconsin Life Insurance Exam Prep
1. Stock insurer
ANS - Owned by stockholders/shareholders
- Pays taxable dividends to shareholders if a profit ismade
-Issues nonparticipating policies (non-PAR)
2. Mutual Insurer
ANS - An insurer that is owned by its policyholders
- If company is profitable, excess premiums are returned as non-taxable dividend
-Issues participating (Par) policies
3. Fraternal Benefit Societies
ANS -Life or health insurance companies formed to pro-vide insurance for members of an
affiliated lodge, religious organization, or fraternalorganization with a representative form of
government.
- Members are certificate holders
- Members can acquire additional charges if premiums are not sufficient enough tomeet claims
4. Reciprocal Insurers
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,Wisconsin Life Insurance Exam Prep.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Life%20Insura
ANS -Unincorporated groups of people that provide insurancefor one another through
individual indemnity agreements
- Ran by an attorney-in-fact
- Members are assessed the amount they have to pay if loss occurs to any memberof the group
5. Risk Retention Group
ANS -A liability insurance company owned by its members,which are exposed to similar
liability risks by virtue of being in the same businessor industry. e.g. car dealers or butchers
6. Lloyd's Associations
ANS -Insurance provided by individual underwriters not com-panies
- Commonly insures things such as hole-in-one contests, celebrity body parts, etc.
7. Self-insurance
ANS -A special form of planned retention by which part or all of a givenloss exposure is retained
by the firm
8. Federal Insurer
ANS -Examples
Social security benefits, military life insurance, fed-eral employee benefits and retirement
benefits.
-Also funds programs to cover catastrophic risk such as; war risks, flooding, and croploss
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