RMIN 4000 Test 2 Daniel Brown
Stock Insurer - answer Corporation owned by Stockholders (earn profit for stockholders
by
increasing the value of the stock and paying dividends).
Mutual Insurer - answer Corporation owned by Policyholders (profits are distributed to
policyholders
by dividends or rate reductions).
Advance Premium Mutual
Assessment Mutual
Fraternal Insurer
Lloyd's of London – answer Specialized lines of business.
Brokers - answer represent policyholders to arrange coverage with syndicates. Legally
represents
insured.
Syndicates - answerOffer insurance contracts in the market.
Managing Agents - answerManage the syndicates, who typically specialize in certain
lines.
Underwriters - answerWork for the syndicates to assess risks and determine premiums.
Insurance Agent - answerSomeone who legally represents the principal (insurance
company)
and has the authority to act on the principal's behalf (Company's Legal Representative).
Insurance Binders - answerProvide temporary insurance until the policy is actually
written.
Surplus Lines Broker - answerLicensed to place business with a nonadmitted insurer.
Surplus Lines - answerRefer to any type of insurance for which there is no available
market in
the state.
Nonadmitted Insurer - answerAn insurer not licensed to do business in the state.
Stock Insurer - answer Corporation owned by Stockholders (earn profit for stockholders
by
increasing the value of the stock and paying dividends).
Mutual Insurer - answer Corporation owned by Policyholders (profits are distributed to
policyholders
by dividends or rate reductions).
Advance Premium Mutual
Assessment Mutual
Fraternal Insurer
Lloyd's of London – answer Specialized lines of business.
Brokers - answer represent policyholders to arrange coverage with syndicates. Legally
represents
insured.
Syndicates - answerOffer insurance contracts in the market.
Managing Agents - answerManage the syndicates, who typically specialize in certain
lines.
Underwriters - answerWork for the syndicates to assess risks and determine premiums.
Insurance Agent - answerSomeone who legally represents the principal (insurance
company)
and has the authority to act on the principal's behalf (Company's Legal Representative).
Insurance Binders - answerProvide temporary insurance until the policy is actually
written.
Surplus Lines Broker - answerLicensed to place business with a nonadmitted insurer.
Surplus Lines - answerRefer to any type of insurance for which there is no available
market in
the state.
Nonadmitted Insurer - answerAn insurer not licensed to do business in the state.