XCEL Chapter 1 Exam Review 2024 Questions and Answers 100% Pass

XCEL Chapter 1 Exam Review 2024 Questions and Answers 100% Pass A non-participating company is also called - Correct Answer ️️ -Stock insurer Contract that involves one party which indemnifies another when a loss arises from an unknown event - Correct Answer ️️ -Insurance policy A type of insurer that is owned by its policy owners is called - Correct Answer ️️ - Mutual Why are dividends from a mutual insurer not subject to taxation? - Correct Answer ️️ - Because dividends are considered to be a return of premium Life insurance policy issued by a mutual insurer provides a return of divisible surplus - Correct Answer ️️ -Participating life insurance policy Fraternal Benefit Society does NOT - Correct Answer ️️ -Exist for profit Type of insurance where an insurer transfers loss exposures from policies written for its insurers - Correct Answer ️️ -Reinsurance What is a true statement regarding a life insurance policy dividend? - Correct Answer ️️ -It is the distribution of excess of funds accumulated by the insurer on participating policies Insurer owned by its policyholders - Correct Answer ️️ -Mutual Insurer A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the - Correct Answer ️️ -Reinsurer One important function of an insurance company is to identify and sell to potential customers. Which of these BEST describes this function? - Corre