RMIN 4000 Test 2 Daniel Brown Exam Questions and Answers Graded A+

RMIN 4000 Test 2 Daniel Brown Exam
Questions and Answers Graded A+

Stock Insurer - Correct answer-Corporation owned by Stockholders (earn profit for

stockholders by

increasing the value of the stock and paying dividends).

Mutual Insurer - Correct answer-Corporation owned by Policyholders (profits are

distributed to policyholders

by dividends or rate reductions).

Advance Premium Mutual

Assessment Mutual

Fraternal Insurer

Lloyd's of London - Correct answer-Specialized lines of business.

Brokers - Correct answer-represent policyholders to arrange coverage with

syndicates. Legally represents

insured.

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, Syndicates - Correct answer-Offer insurance contracts in the market.

Managing Agents - Correct answer-Manage the syndicates, who typically

specialize in certain lines.

Underwriters - Correct answer-Work for the syndicates to assess risks and

determine premiums.

Insurance Agent - Correct answer-Someone who legally represents the principal

(insurance company)

and has the authority to act on the principal's behalf (Company's Legal

Representative).

Insurance Binders - Correct answer-Provide temporary insurance until the policy is

actually written.

Surplus Lines Broker - Correct answer-Licensed to place business with a

nonadmitted insurer.

Surplus Lines - Correct answer-Refer to any type of insurance for which there is no

available market in

the state.

Nonadmitted Insurer - Correct answer-An insurer not licensed to do business in the

state.

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