Personal Lines Terms And Definitions (California
Personal Lines Exam) – Questions & Solutions
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Practice questions for this set
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Incurred losses + loss adjusted expenses and earned premium = Loss Ratio
Choose an answer
1 What is combined ratio? 2 What is the function of underwritting?
What are the 4 types of marketing
3 What is an adjuster? 4
distribution?
Don't know?
Terms in this set (93)
What is the function of underwritting? To evaluate applications, select rating factors, policy
terms and conditions.
What are the three types of private Stock, Mutual and Reciprocal.
insurers?
What are the benefits of insurance? Peace of mind and securing credit.
, What does self-funding mean? Retaining all or part of the risk.
What are the 4 types of marketing Direct writing, direct email, exclusive agents, and
distribution? independent agencies.
What are the 5 investigative areas? Personal Interviews, MIB, DMV, Financial Reports,
and Physician Statements.
What is an agent? An agent works on behalf of a company for an
insured.
What is a broker? A broker works on behalf of the insured for a
company.
What is a solicitor? A solicitor works for an employer, selling insurance
under an agent.
What is the roll of the MGA? The MGA Works with agents and is appointed with
many companies.
What is the fire and casualty License? Can transact Hazard insurance and Liability policies
including Health and Disability insurance.
What is the personal lines license? Can transact all insurance except health, disability, or
commercial.
What is an adjuster? An adjuster assits in settling claims either for a
company or for an insured.
What is the difference between a non- A non-admitted insurer is not authorized to transact
admitted and an admitted insurer? business in Ca, except through a Surplus Lines
Broker.
What do the terms alien, foreign, and Alien means organized under laws of another
domestic mean in regards to country. Foreign means another state. Domestic
insurance? means inside California.
What does a surplus lines broker do? Only transacts for non-admitted insurers.
Personal Lines Exam) – Questions & Solutions
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Incurred losses + loss adjusted expenses and earned premium = Loss Ratio
Choose an answer
1 What is combined ratio? 2 What is the function of underwritting?
What are the 4 types of marketing
3 What is an adjuster? 4
distribution?
Don't know?
Terms in this set (93)
What is the function of underwritting? To evaluate applications, select rating factors, policy
terms and conditions.
What are the three types of private Stock, Mutual and Reciprocal.
insurers?
What are the benefits of insurance? Peace of mind and securing credit.
, What does self-funding mean? Retaining all or part of the risk.
What are the 4 types of marketing Direct writing, direct email, exclusive agents, and
distribution? independent agencies.
What are the 5 investigative areas? Personal Interviews, MIB, DMV, Financial Reports,
and Physician Statements.
What is an agent? An agent works on behalf of a company for an
insured.
What is a broker? A broker works on behalf of the insured for a
company.
What is a solicitor? A solicitor works for an employer, selling insurance
under an agent.
What is the roll of the MGA? The MGA Works with agents and is appointed with
many companies.
What is the fire and casualty License? Can transact Hazard insurance and Liability policies
including Health and Disability insurance.
What is the personal lines license? Can transact all insurance except health, disability, or
commercial.
What is an adjuster? An adjuster assits in settling claims either for a
company or for an insured.
What is the difference between a non- A non-admitted insurer is not authorized to transact
admitted and an admitted insurer? business in Ca, except through a Surplus Lines
Broker.
What do the terms alien, foreign, and Alien means organized under laws of another
domestic mean in regards to country. Foreign means another state. Domestic
insurance? means inside California.
What does a surplus lines broker do? Only transacts for non-admitted insurers.
