AINS Practice Exam Review | Questions with 100% Correct Answers | Verified | Updated

One distinguishing feature between independent agency systems and other marketing systems is the... agency expiration list Foreign Insurer An insurer licensed to operate in a state but incorporated in another state Domestic Insurer An insurer doing business in the jurisdiction in which it was incorporated Alien Insurer An insurer domiciled in a country other than the US Direct Response Marketing System Greatly reduces compensation costs but has higher advertising costs Agency Expiration List An agency's most valuable asset (does not belong to insurer) Important consideration when selecting distribution channels Does the channel capitalize on its core capabilities? Knowledge acquired by the agent is presumed to be.. knowledge acquired by the insurer Premium collection method used for personal insurance and small commercial accounts Direct Bill What specifies scope of authority of an agent? Agency contract Agency Bill Payment procedure in which a producer sends premium bills to the insured, collects the premium, and sends the premium to the insurer, less any commission Item Basis Premium (less commission) is forwarded to the insurer when the producer collects it or when it comes due. Least complex method