Stock insurers c Study guides, Class notes & Summaries

Major Types of Private Insurers - correct answer Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - correct answer -A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - correct answer -a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) ...

Chapter 1 - AnswerIntroduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - Answerthe major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - Answer1. spread of risk (major function) 2. basis of credit system 3. eliminates worry and encourages entrepreneurship 4. loss prevention and loss reduction 5. source of employment and investment cap...

major types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual insurers - ANSWER-a corporation owned by policyholders. profits are distributed to policyholders by dividends or rate reductions types of mutual insurers - ANSWER-advance premium mutual, assessment mutual, and fraternal insurer assessment ...

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 and other operating costs are returned to the policy owners in the form of a dividend. if all funds are paid ...

Which of the following would be considered a nonmedical insurance application? a) An application that does not ask any questions about the applicant's medical history b) An application submitted with the Agent's Report c) Any application for life insurance d) An application on which the medical information is completed by the applicant and the agent only - Answer-d) An application on which the medical information is completed by the applicant and the agent only An application on which a...

AINS 101 Exam With 100% Correct Answers Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. The primary role of insurance is ...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. Th...

CA Life Insurance Exam Questions and Answers An insurer that operates for one or more social, educational, charitable, benevolent, or religious purposes for the benefit of its members is known as a a) Reciprocal insurer. b) Stock insurer. c) Fraternal insurer. d) Mutual insurer. - Answer ️️ -C Life insurance creates an immediate estate. Which of the following best explains this statement? The policy has cash values and nonforfeiture values. b) The policy generates immediate cash val...

Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. The primary role of insurance is to meet mandatory insurance requirements. co...

Property & Casualty ADBanker Multiple Choice Questions Graded A+ Which of the following is NOT contained in the Conditions section of an insurance policy? b)a)ExclusionsAppraisal c)Changes d)Assignment ️ The insured's duties after a loss include all the following, except: a)Notify police in the event of a theft c)Prb)Have property repaired quickly, then notify insurerepare an inventory of damaged property d)Give prompt written notice to the insurer ️ All of the following a...