Michigan Life and Health Insurance Exam Correct 100%(Scored A+)
Actuarial Department - ANSWER Calculates policy rates, reserves, and dividends Alien Insurer - ANSWER An insurer whose principal office and domiciled location is outside the country Admitted Insurer - ANSWER An admitted or authorized insurer is an insurer who has received a certificate of authority from a state's department of insurance authorizing them to conduct insurance business in that state. Broker - ANSWER Represents themselves and the insured (i.e. the client, customer) Captive Insurer - ANSWER an insurer established and owned by a parent firm for the purpose of insuring the parent firm's loss exposure Certificate of Authority - ANSWER A license issued to an insurer by a department of insurance (or equivalent state agency), which authorizes that company to conduct insurance business in that particular state. Claims Department - ANSWER Responsible for processing, investigating, and paying claims Divisible Surplus - ANSWER The amount of earnings paid to policyowners as dividends after the insurance company sets aside funds required to cover reserves, operating expenses, and general business purposes.
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