Reciprocal insurer - Study guides, Class notes & Summaries

Adjuster Pro - Insurance adjuster test latest 2023 already passed What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Ind...

California Life Accident and Health Exam Practice 2024 A ABC INSURANCE -Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED -Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED -Answer-WHICH OF THE FOLL...

NC Life Insurance Practice Exam Questions With 100% Correct Answers 2024 All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws. d) Reporting any violations of insurance laws to the Attorney General. Writing insurance law is not the Insurance Commissioner's responsibility, but enforcing the law is. answerc) Writing North...

Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct Q: which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? A. Reciprocal B. Fraternal C. Stock D. Mutual Answer: C. Stock Only stock insurance companies are owned and controlled by stockholders Q: which of the following best describes the concept that the insured pays a small amount of prem...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

Wisconsin Accident and Health Insurance Exam 2023 Questions and Answers with complete solution 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 in...

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...

N.C. Claims Adjuster Exam Latest 2023 Rated A+ Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date Date of which the loss occurred Identification of parties involved The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s)....

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...

PRIMERICA LIFE INSURANCE EXAM An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? A. Mutual B. Reciprocal C. Nonprofit service organization D. Stock The answer is: A. Mutual