Arizona Life Insurance Chapter 1
Basic - YM
Actuarial Department - answer calculates policy rates, reserves, and dividends
Alien Insurer - answer An __________ in the United States is an insurer whose principal
office and domiciled location is outside the country.
Admitted Insurer - answer is an insurer who has received a certificate of authority from a
states department of insurance authorizing them to conduct insurance business in the
particular state
Broker - answer represents themselves and the insured (i.e., the client or customer).
captive insurer - answeran issuer established and owned by a parent firm for the
purpose of insuring the parent firm's loss exposure
Certificate Authority - answerA 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 - answerresponsible for processing, investigating, and paying claims
Divisible Surplus - answerthe 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
Domestic Insurer - answeran insurer with its principal or home office in a state where it
is authorized
Foreign Insurer - answeran insurer with its principal office or domicile location in a state
different from the state it is transacting insurance business
Fraternal Benefit Society - answernonprofit benevolent organizations that provide
insurance to its members
Industrial Insurer - answermake up a specialized branch of the industry, primarily
providing policies with small face amounts with weekly premiums. Other names for
industrial insurers include home service or debit insurers.
insurance - answerThe transfer of risk through the pooling or accumulation of funds.
Basic - YM
Actuarial Department - answer calculates policy rates, reserves, and dividends
Alien Insurer - answer An __________ in the United States is an insurer whose principal
office and domiciled location is outside the country.
Admitted Insurer - answer is an insurer who has received a certificate of authority from a
states department of insurance authorizing them to conduct insurance business in the
particular state
Broker - answer represents themselves and the insured (i.e., the client or customer).
captive insurer - answeran issuer established and owned by a parent firm for the
purpose of insuring the parent firm's loss exposure
Certificate Authority - answerA 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 - answerresponsible for processing, investigating, and paying claims
Divisible Surplus - answerthe 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
Domestic Insurer - answeran insurer with its principal or home office in a state where it
is authorized
Foreign Insurer - answeran insurer with its principal office or domicile location in a state
different from the state it is transacting insurance business
Fraternal Benefit Society - answernonprofit benevolent organizations that provide
insurance to its members
Industrial Insurer - answermake up a specialized branch of the industry, primarily
providing policies with small face amounts with weekly premiums. Other names for
industrial insurers include home service or debit insurers.
insurance - answerThe transfer of risk through the pooling or accumulation of funds.
