Exam (elaborations)
Michigan Life and Health Insurance Exam Questions and Answers 2024
- Course
- Institution
Michigan Life and Health Insurance Exam Questions and Answers
[Show more]
Content preview
Michigan Life and Health InsuranceExam Questions and Answers
Actuarial Department - Answer -Calculates policy rates, reserves, and dividends
Alien Insurer - Answer -An insurer whose principal office and domiciled location is
outside the country
Admitted Insurer - Answer -An admitted or authorized insurer is an insurer who has
received a certificate of authority from a state's department of insurance authorizing
them to conduct insurance business in that state.
Broker - Answer -Represents themselves and the insured (i.e. the client, customer)
Captive Insurer - Answer -an insurer established and owned by a parent firm for the
purpose of insuring the parent firm's loss exposure
Certificate of Authority - Answer -A license issued to an insurer by a department of
insurance (or equivalent state agency), which authorizes that company to conduct
insurance business in that particular state.
Claims Department - Answer -Responsible for processing, investigating, and paying
claims
Divisible Surplus - Answer -The amount of earnings paid to policyowners as dividends
after the insurance company sets aside funds required to cover reserves, operating
expenses, and general business purposes.
Domestic Insurer - Answer -An insurer with its principle or home office in a state where
it is authorized
Foreign Insurer - Answer -an insurer with its principal office or domicile location in a
state different from the state it is transacting insurance business
Fraternal Benefit Society - Answer -Non-profit benevolent organization that provides
insurance to its members. Based on religious, national, or ethnic lines.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mereka. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now