Nonparticipating policy - Study guides, Class notes & Summaries

Xcel Solutions Pennsylvania Insurance Test Questions and Answers Already Passed A nonparticipating company is sometimes called a Stock Insurer The Do Not Call Registry offers exemptions for calls placed from all the following EXCEPT Insurance Sales Calls Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? $5,000 A plan in which an employer pays insura...

Rhode Island insurance UPDATED Exam Questions and CORRECT Answers the role of insurance is to - Correct Answer- transfer the risk of financial loss from an individual or business to an insurance company organized and incorporated under state law owned by stockholders who get a paid share of the company's profit through dividends. also referred to as a nonparticipating or non-par bc policy holder do not participate in paid dividends - Correct Answer- stock insurance company organized ...

Life Insurance Exam Prep Questions and Answers Rated A+ Primary purpose for a rating service company such as A.M best? To determine financial strength of an insurance company Primary reason for buying life insurance? Provide death benefits What is described as an insurers ability to make unpredictable payouts to its policy owners? Liquidity What is described as a plan in which an employer pays insurance benefits from a fund derived from the employers current revenue? Self-Funded Plan Which p...

The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called? A) non-cancelable B) conditionally renewable C) optionally renewable D) cancelable Answer- D)cancelable The cause of a loss is referred to as a(n) A) hazard B) adversity C) peril D) risk Answer- C) peril Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the following is the...

Why are dividends from a mutual insurer not subject to taxation? because dividends are considered to be a return of premium ABC insurance company transfers part of their risk to XYZ insurance company. This situation is called reinsurance A nonparticipating company is sometimes called a(n) stock insurer What is considered to be the primary reason for buying life insurance? provide death benefits A(n) _____ company is owned by its shareholders stock A plan in which an employer pays insurance ...

Group Life Insurance - life insurance that provides a master policy for a group; each eligible group member receives a certificate of insurance Individual Life Insurance - purchased by individuals; usually greater face value Permanent Life vs. Term Life - Perm Life: whole life insurance that is effective for the entire life of the insured up to age 100. Term Life: insurance that is effective for a temporary time period, designated by the policy. Participating Life vs. Nonparticipating Life...

a legally acceptable attempt by the existing insurer to retain the business after replacement form has been received is called?? - Conservation a mutual insurer: is a participating company owned by policy owners charges assessments to the policy owners if blains are higher than projected is an incorporated society or supreme lodge without capital is a group who shares risk and cannot sell life insurance - is a participating company owned by policy owners a producers commission on control...

agent legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured the person covered by the insurance policy; this person may or may not be the policyowner broker an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or t...

the role of insurance is to - correct answer transfer the risk of financial loss from an individual or business to an insurance company organized and incorporated under state law owned by stockholders who get a paid share of the company's profit through dividends. also referred to as a nonparticipating or non-par bc policy holder do not participate in paid dividends - correct answer stock insurance company organized and incorporated under state law. but they have no stockholders. inst...

Nevada Statutes-Health and Life Insurance Exam | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS Domestic insurer - Answer -insurance company that is incorporated in this state. Domicile is when e company's home office is in the state in which it was formed. If a company was chartered in Nevada it would be a Nevada domesticated company. Foreign insurer - Answer -An insurance company that is incorporated in another state or territorial possession. A company charter...