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NYS PSI 17-55 Series Exam Questions and Complete Answers Graded A+
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NYS PSI 17-55 Series Exam Questions and Complete Answers Graded A+
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NYS PSI 17-55Series Exam
Questions and
Complete Answers
Graded A+
Denning [Date] [Course title]
, Define: Reserve - Answer: Funds held by the company to help fulfill future claims
Minimum reserves are set by the state Department of Insurance
Define: Multi-line Insurer - Answer: an insurance company or independent agent that provides a one-
stop shop for businesses or individuals seeking coverage for all their insurance needs
Example: Multi-line Insurer - Answer: Many large insurers offer individual policies for automobile,
homeowner, long-term care, life and health insurance needs
Define: Stock Companies - Answer: Insurance companies owned and controlled by a group of
stockholders whose investment in the company provides a safety margin necessary in issuance of
guaranteed, fixed premium, nonparticipating policies
Define: Nonparticipating Plan - Answer: insurance under which the insured is not entitled to share in
the divisible surplus of the company (does not share in profit)
Define: Mutual Companies - Answer: insurance companies characterized by having no capital stock; it is
owned by its policy owners and usually issues participating insurance
Define: Participating Plan - Answer: insurance plan under which the policy owner receives shares
(commonly called dividends) of the divisible surplus of the company (shares in profit)
Define: Reinsurer - Answer: a company that provides financial protection to insurance companies
Explain: Reinsurer (2) - Answer: 1. handles risks that are too large for insurance companies to handle on
their own
2. make it possible for insurers to obtain more business than they would otherwise be able to
Define: Fraternal Benefit Societies - Answer: non-profit benevolent organization that provides insurance
to its members
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