RMIN 4000 Edmunds Exam 2 Questions and Answers 100% Correct!

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 mutual - ANSWER-insurer has the right to assess policyholders an additional amount if the insurer's financial operations are unfavorable advance premium mutual - ANSWER-insurer does not issue assessable policies fraternal insurer - ANSWER-a mutual insurer that provides life and health insurance to members of a social or religious organization Lloyd's of London - ANSWER-The world's leading insurance market that provides services and physical facilities for its members to write specialized lines of insurance. They underwrite insurance for syndicates. Is Lloyd's of London an insurer? - ANSWER-No Lloyd's of London brokers - ANSWER-represent policyholders to arrange coverage with syndicates syndicates - ANSWER-offer insurance contracts in the market who makes up a syndicate? - ANSWER-members, managing agents, and underwriters insurance agent - ANSWER-Someone who legally represents the principal (insurance