Stock Insurer - answer Corporation owned by Stockholders (earn profit for stockholders
by
increasing the value of the stock and paying dividends).
Mutual Insurer - answer Corporation owned by Policyholders (profits are distributed to
policyholders
by dividends or rate reductions).
Advance Premium Mutual
Assessment Mutual
Fraternal Insurer
Lloyd's of London – answer Specialized lines of business.
Brokers - answer represent policyholders to arrange coverage with syndicates. Legally
represents
insured.
Syndicates - answerOffer insurance contracts in the market.
Managing Agents - answerManage the syndicates, who typically specialize in certain
lines.
Underwriters - answerWork for the syndicates to assess risks and determine premiums.
Insurance Agent - answerSomeone who legally represents the principal (insurance
company)
and has the authority to act on the principal's behalf (Company's Legal Representative).
Insurance Binders - answerProvide temporary insurance until the policy is actually
written.
Surplus Lines Broker - answerLicensed to place business with a nonadmitted insurer.
Surplus Lines - answerRefer to any type of insurance for which there is no available
market in
the state.
Nonadmitted Insurer - answerAn insurer not licensed to do business in the state.
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.