Mutual insurance company - Study guides, Class notes & Summaries

1. private insurers 2. government insurers - 2 types of entities providing insurance today 1. stock insurance companies 2. mutual insurance companies - the 2 largest types of commercial insurance companies Stock insurance companies - 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 - owned by their policy owners; have no...

Primerica Pre-licensing Course Solved Exam |Question and Answers| 100% Correct agent *Ans* legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured *Ans* the person covered by the insurance policy; this person may or may not be the policyowner broker *Ans* an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy *Ans* a contract between ...

MS Property & Casualty Exam Questions The penalty for violating a cease and desist order of the Commissioner might be a loss of license and...? - correct answer A fine up to $1,000 for each violation An insurer formed under the laws of Mississippi is known as...? - correct answer Domestic Insurer An insurance company owned by its POLICYHOLDERS is known as a...? - correct answer Mutual Insurer Is the Commissioner of Insurance appointed or elected? - correct answer The Commissioner is EL...

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - Answer-Home health care Which of the following is NOT a federal requirement of a qualified plan? - Answer-Employee must be able to make unlimited contributions Why are dividends from a mutual insurer not subject to taxation? - Answer-Because dividends are considered to be a return of premium The treasurer of XYZ Insurance Company discovers that the t...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

NJ Life Producer Exam Questions and Answers Already Passed Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer t...

Texas Life and Health Insurance Exam Questions and Answers with complete solutions Graded A+ 2023/2024 At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - CORRECT ANSWER-Upon completion of the application Who elects the governing body of a mutual insurance company? - CORRECT ANSWER-policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - C...

RMIN 4000 Test 2 Daniel Brown (2024/2025) 100% Solved Stock Insurer Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer 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 Specialized lines of business. Brokers represent policyholders to arrange coverage wit...

Primerica Life Insurance Exam 2024 100% Passed 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 - Answer ️️ -A. mutual funds not paid out after paying claims and other operating costs are returned to the po...

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...