Reciprocal insurer - Study guides, Class notes & Summaries

Health Insurance (Exam FX) Agent/Producer - A legal representative of an insurance company Broker - An insurance producer not appointed by an insurer and whom represents the client Insured - A person covered by an insurance policy Insurance policy - A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal - Insurer, company who issues insurance policies Policyowner...

A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n) -reciprocal commissioner -attorney general -attorney-in-fact -reciprocal director - ANSWERattorney-in-fact 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 - ANSWERLife Insurance Who regulates an insurer's c...

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...

Mississippi Insurance (Property & Casualty) Latest 2024 Graded A+ Insurance Regulated at the state level Insurance code State insurance law Commissioner of Insurance Chief Officer of the Insurance Department Commissioner of Insurance Elected to a 4 year term Commissioner of Insurance Takes an oath of office and furnish a $25,000 bond which guarantees the faithful performance of the duties of the office Mike Chaney State Insurance Commissioner & State Fire Marshal NAIC Nati...

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - Correct Answer -B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Re...

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...

PRIMERICA LIFE INSURANCE EXAM. All Most Examined Questions Bank with answers. 100% verified. Rated A. 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 - A. mutual funds not paid out after paying claims ...

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 ...

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 ...