Reciprocal insurers - Study guides, Class notes & Summaries
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WebCE Exam Questions with correct Answers
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Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. 
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. 
 
Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. 
Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...
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Wisconsin Life Insurance Exam Prep exam Already Passed!!
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Stock insurer - - Owned by stockholders/shareholders 
- Pays taxable dividends to shareholders if a profit is 
made 
-Issues nonparticipating policies (non-PAR) 
Mutual Insurer - - An insurer that is owned by its policyholders 
- If company is profitable, excess premiums are returned as non-taxable dividend 
-Issues participating (Par) policies 
Fraternal Benefit Societies - -Life or health insurance companies formed to provide insurance for 
members of an affiliated lodge, religious organizatio...
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AZ Life and Health Insurance Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct
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AZ Life and Health Insurance Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct 
 
Q: Methods of Handling Risk: 
Avoidance, Retention, Sharing, Reduction, Transfer 
 
 
 
Q: Risk Retention 
 
 
Answer: 
the planned assumption of risk by an insured through the use of deductibles, co-payments, or self-insurance. It is also known as self-insurance when the insured accepts the responsibility for the loss before the insurance company pays. The purpose of retention is ...
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Virginia Life Insurance and Annuities Questions and Answers Rated A+
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Virginia Life Insurance and Annuities 
Questions and Answers Rated A+ 
 
Methods of Handling Risk (STARR) 1. Sharing (each member of group pays portion of loss) 
2. Transfer (spreading risk among customers) 
3. Avoidance (not engaging in certain activity) 
4. Reduction (lessening chance) 
5. Retention (indiv pays for loss) 
 
Elements of Insurable Risk (CANHAM) 1. Calculable (based on prior loss stats) 
2. Affordable (for avg consumer) 
3. Non-catastrophic (no widespread loss events) 
4. Homogen...
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Aflac Insurance Licensing Test- Key Concepts Questions & Answers Already Graded A+
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Insurance is defined as... - the transfer of PURE risk to the insurance company in consideration for 
a premium 
Pure risk is... - the chance of loss without any possibility for gain 
Speculative risk is... - the possibility for gain or loss and is not insurable 
Risk is defined as... - the chance for loss 
An exposure is... - a condition that could result in a loss 
A hazard is... - something that increase the chance of loss 
The presence of a physical hazard... - increases the chance of a loss...
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Life Insurance Test WA State (And General Insurance Review) Questions and Answers Graded A+
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Life Insurance Test WA State (And 
General Insurance Review) Questions 
 
and Answers Graded A+ 
 
When does insured need an insurable interest? 
when they buy insurance(not like property casualty where have to have at time of claim and not 
necessarily when buying) 
when is subrogation used? 
not in life and seldom in health 
elimination period 
what acts as the deductible in health insurance(the term deductible is not used in disibility 
insurance) - have to actually be disabled for a certian ...
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PA Life, Accident, & Health Insurance Exam Questions and Answers Already Passed
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PA Life, Accident, & Health Insurance 
Exam Questions and Answers Already 
 
Passed 
 
Insurance defined as the transfer of PURE risk to the insurance company in consideration 
for a premium. 
 
The chance of loss without any chance of gain is called pure risk 
 
Speculative risk has the possibility for gain or loss and is not insurable. 
 
Risk is defined as the chance of loss. 
 
A condition that could result in a loss is known as an exposure 
 
A hazard is something that increases the chance ...
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Wisconsin Accident and Health Insurance Exam Questions and Answers 100% Pass
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Wisconsin Accident and Health 
 
Insurance Exam Questions and Answers 
 
100% Pass 
 
Dividends from a stock company are normally sent to: 
Beneficiaries 
Shareholders 
Policy holders 
Insureds Shareholders 
 
Which of the following financial products creates an instant estate, no matter when the date of 
death? 
Mutual funds 
Life insurance 
Certificate of deposit 
Deferred annuity Life insurance 
 
Which of the following outlines the authority given to the producer on behalf of the insurer? 
R...
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Texas All Lines Adjuster questions n answers rated A+
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Texas All Lines AdjusterReinsurance 
Allows an insurance company to sell part of the risk they have assumed from a policyholder and thereby write more insurance and protect the company from any large losses it would not be able to handle on its own. 
 
 
Stock Companies 
Insurance companies owned by stockholders. Charge non-assessable fixed premiums. If company creates a profit, they may pay stockholders through dividends 
 
 
Mutual Companies 
Insurance company owned by the policyholders. Can p...
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Mass State Life Insurance Exam Questions and Answers Already Passed
- Exam (elaborations) • 97 pages • 2024
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Mass State Life Insurance Exam 
Questions and Answers Already Passed 
 
Which of the following describes a participating life insurance policy? A participating life 
policy is one in which the policyowner receives dividends deriving from the company's divisible 
surplus 
 
What type of reinsurance contract between two insurers involves an automatic sharing of the 
risks assumed? Under treaty reinsurance, each party automatically accepts specific 
percentages of the insurer's business. 
 
At wh...
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