Kentucky Property and Casualty - Unit 3 correctly answered 2024

Kentucky Property and Casualty - Unit 3Fraternal Benefit Societies - correct answer 1.) Members only 2.) Not for Profit 3.) A lodge system Stock Company - correct answer owned by stockholders Mutual Insurance Company - correct answer owned by policyholders Risk Retention Group (RRG) - correct answer Protects against product liability exposures Property Insurance - correct answer Risks that we will suffer financial loss because of something WE own is damaged or destroyed. FIRST PARTY COVERAGE - WE OWN Casualty Insurance - correct answer The risk that we will suffer financial loss as a result of our actions TOWARDS OTHERS. THIRD PARTY COVERAGE - Always to others, others belongings Personal/Commercial Lines - correct answer Personal lines are property/casualty coverage that protect an individual or family. Commercial lines are coverages designed for business. Insurance Marketing Systems - correct answer Exclusive Agency System - insurance company contracts with agencies, which are independent businesses.