RMIN 4000 Test 2 Daniel Brown Latest 2024/2025 Updated Questions and Answers Guaranteed 100% Success.
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Course
RMIN 4000 Daniel Brown
Institution
RMIN 4000 Daniel Brown
Prospective Loss Costs (Pure Premium) - Amount needed to pay future claims and loss
adjustment expenses.
Class (Manual) Rating: Frequency*Severity
Lloyd's of London - Specialized lines of business.
Brokers - represent policyholders to arrange coverage with syndicates. Legally represents
insure...
RMIN 4000 Test 2 Daniel Brown
Prospective Loss Costs (Pure Premium) - Amount needed to pay future claims and loss
adjustment expenses.
Class (Manual) Rating: Frequency*Severity
Lloyd's of London - Specialized lines of business.
Brokers - represent policyholders to arrange coverage with syndicates. Legally represents
insured.
Syndicates - Offer insurance contracts in the market.
Managing Agents - Manage the syndicates, who typically specialize in certain lines.
Underwriters - Work for the syndicates to assess risks and determine premiums.
Insurance Agent - 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 - Provide temporary insurance until the policy is actually written.
Surplus Lines Broker - Licensed to place business with a nonadmitted insurer.
Surplus Lines - Refer to any type of insurance for which there is no available market in
the state.
Nonadmitted Insurer - An insurer not licensed to do business in the state.
, Independent Agency - Usually represents several unrelated insurers. Commission paid agents.
Exclusive Agency - Agent represents only one insurer or group of insurers under common
ownership. Lower commission paid agents on renewal of business rather than new business.
Direct Writer - An insurer in which the salesperson is an employee of the insurer,
not an independent contractor.
Direct Response - Insurer sells directly to the consumer by television or some other media.
Mutual Insurer - Corporation owned by Policyholders (profits are distributed to policyholders
by dividends or rate reductions).
Advance Premium Mutual
Assessment Mutual
Fraternal Insurer
Ratemaking - The pricing of insurance and the calculation of insurance premiums.
Regulatory Goals must be:
Adequate
Not be excessive
Should not discriminate
Business Rate Goals must be:
Stable
Responsive
Able to Provide for contingencies
Able to Promote Loss Control
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