WV LIFE INSURANCE LAW FINAL EXAM WITH CORRECT ANSWERS

WV LIFE INSURANCE LAW FINAL EXAM WITH CORRECT ANSWERS Fraternal Benefit Societies - Incorporated society, order, or supreme lodge, without capital stock, that operates solely for the benefit of its members and under a lodge system with a ritualistic form of work and benefit packages are only sold to members of the society Reinsurance - The act of one insurer selling part of a policy to another insurer where the original insurer is called the ceding company, and the purchasing insurer is called the assuming company Domestic Insurance Company - An insurance company formed under the laws of West Virginia, (Generally, home office is located in WV) Foreign Insurance Company - An insurance company chartered in another state, commonwealth, or territory of the United States including Puerto Rico Alien Insurance Company - An insurance company formed under the laws of another country Stock Insurance Company - Company is owned by stockholders evidenced by shares of stock, and profits are distributed as dividends to stockholders