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CPCU 520 Questions And Answers With Verified Solutions Already Passed!!!
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CPCU 520 Questions And Answers With Verified Solutions Already Passed!!!
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By: rlawk02 • 2 months ago
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CPCU 520 Questions And Answers WithVerified Solutions Already Passed!!!
Classification of Insureds - ANSWER✔✔ Legal Form of Ownership
Place of Incorporation
Licensing Status
Insurance Distribution Systems and Channels
Legal Form of Ownership - ANSWER✔✔ Proprietary Insurerers
Cooperative Insurers
Other Insurers
Place of Incorporation - ANSWER✔✔ Domestic Insurer
Foreign Insurer
Alien Insurer
Licensing Status - ANSWER✔✔ Licensed Insurer (admitted insurer)
Unlicensed insurer (non-admitted insurer)
Insurance Distribution Systems and Channels - ANSWER✔✔ Independent agency
and brokerage marketing system
Direct writer marketing system
Exclusive agency marketing system
, Stock Insurer - ANSWER✔✔ Owned by shareholder who elect a board of directors
to supervise operations. Dividends from equity investments of insureres are
returned to shareholders
Mutual Insurer - ANSWER✔✔ 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 - ANSWER✔✔ 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 - ANSWER✔✔ 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.
Domestic Insurer - ANSWER✔✔ Incorporated within a specific state
Foreign Insurer - ANSWER✔✔ Domicile is within a state apart from the one which
the firm is writing business
Alien Insurer - ANSWER✔✔ Created in accordance with the legal requirement of a
foreign country
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