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RMIN 4000 UGA- Brown- exam 2 (chapter 5 only) Questions and Answers Solutions 2024
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RMIN 4000 UGA- Brown- exam 2 (chapter 5 only)
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RMIN 4000 UGA- Brown- exam 2(chapter 5 only)
Major Types of Private Insurers - answer Stock Insurers
Mutual Insurers
Lloyds of London
stock insurer - answer a corporation owned by stockholders
objective is to earn profit for stockholders by increasing dividends
mutual insurer - answer a corporation owned by the policyholders
profits are distributed to policy holders by dividends or rate reductions
types of mutual insurers - answer assessment mutual: insurer has the right to assess
policyholders an additional amount if the insurer's financial operations are unfavorable
advance premium mutual: insurer does not issue assessable policies
-fraternal insurer: provides life and health insurance to members of a social or religious
organization
Lloyd's of London - answer world’s leading market that provides services and physical
facilities to write specialized lines of insurance
NOT an insurer
Lloyd's Brokers - answer represent policyholders to arrange coverage with syndicates
Lloyd's Syndicates - answer Offers insurance contracts in the market
Members - answer-join together and provide capital from syndicates, receiving profits or
bearing losses
-most are corporations or limited partnerships
-"names" are high net worth individuals
must meet Lloyd's stringent capital requirements
managing agents- manage the syndicates, who typically specialize in certain lines
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