Washington State Insurance Exam Accurate 100%
Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with the same or similar exposure to loss to share the losses that occur within that group. A RECIPROCAL insurance exchange is a form of risk-sharing arrangement. Retention - ANSWER Is the planned assumption of risk by the insured through the use of deductibles, co-payments, or self-insurance. It is also known as self-insurance when the insured accepts the responsibility for the loss before the insurance company pays. Express Authority - ANSWER Is the AUTHORITY a principal
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