Life accident and health insurance Mississippi 2 Correct 100%(RATED A+)

1. private insurers 2. government insurers - ANSWER 2 types of entities providing insurance today 1. stock insurance companies 2. mutual insurance companies - ANSWER the 2 largest types of commercial insurance companies Stock insurance companies - ANSWER owned by stockholders, these companies dividends, when declared, to their stockholders. have minimum capital requirements and are governed by a board of directors elected by their stockholders Mutual insurance companies - ANSWER owned by their policy owners; have no stockholders. have minimum capital requirements and are governed by a board of directors. pay policy dividends to holders. Demutualization - ANSWER the lengthy and complex process of a mutual insurance company transforming into a stock insurance company Medical Care service Providers - ANSWER example HMO and PPO. they blend characteristics of commercial insurance companies and medical care providers fraternal benefits society - ANSWER an organization composed of individuals who typically share a common ethnic or religious affiliation. have no stock, a rep form of government, not for profit, operate on a lodge system. May provide insurance to their members. primary life insurance and annuity products only available to members Home service companies - ANSWER unique distributer of industrial life insurance. typically insurance agent meets the policy holder to collect the premium giving it its name for its service provided industrial life insurance - ANSWER traditionally offered as "burial insurance", offers individual coverage in small face amounts, usually less than $10,000. generally require no medical exam to qualify. ordinary life insurance - ANSWER a class of individual life insurance that offers individual coverage in a variety of term or permanent plans, in any face amount usually above $25,000. Reciprocal Insurance Exchanges - ANSWER an unincorporated group of individuals (subscribers), working together through an attorney-in-fact, who each agree to pay a pro rata share of any loss suffered by any other member.