Life accident and health insurance
Mississippi 2
1. private insurers
2. government insurers - Answer-2 types of entities providing insurance today
1. stock insurance companies
2. mutual insurance companies - Answer-the 2 largest types of commercial insurance companies
Stock insurance companies - Answer-owned by stockholders, these companies dividends, when
declared, to their stockholders. have minimum capital requirements and are governed by a board of
directors elected by their stockholders
Mutual insurance companies - Answer-owned by their policy owners; have no stockholders. have
minimum capital requirements and are governed by a board of directors. pay policy dividends to
holders.
Demutualization - Answer-the lengthy and complex process of a mutual insurance company
transforming into a stock insurance company
, Medical Care service Providers - Answer-example HMO and PPO. they blend characteristics of
commercial insurance companies and medical care providers
fraternal benefits society - Answer-an organization composed of individuals who typically share a
common ethnic or religious affiliation. have no stock, a rep form of government, not for profit, operate
on a lodge system. May provide insurance to their members. primary life insurance and annuity
products only available to members
Home service companies - Answer-unique distributer of industrial life insurance. typically insurance
agent meets the policy holder to collect the premium giving it its name for its service provided
industrial life insurance - Answer-traditionally offered as "burial insurance", offers individual coverage in
small face amounts, usually less than $10,000. generally require no medical exam to qualify.
ordinary life insurance - Answer-a class of individual life insurance that offers individual coverage in a
variety of term or permanent plans, in any face amount usually above $25,000.
Reciprocal Insurance Exchanges - Answer-an unincorporated group of individuals (subscribers), working
together through an attorney-in-fact, who each agree to pay a pro rata share of any loss suffered by any
other member.
Lloyd's of London - Answer-an insurance market; it provides: a meeting place for transacting insurance
business; underwriting information; a forum for settling disputes and claims, and other regulatory and
administrative services
self-insurers - Answer-not a type of provider but an approach to risk management. works by created a
fund of your own money set aside for insurance risks. example of the retention form of risk
management
risk retention groups - Answer-an insurance company that provides self insurance services to owner
members. born from the risk act of 1986. law requires them to follow the laws of at least one state
Mississippi 2
1. private insurers
2. government insurers - Answer-2 types of entities providing insurance today
1. stock insurance companies
2. mutual insurance companies - Answer-the 2 largest types of commercial insurance companies
Stock insurance companies - Answer-owned by stockholders, these companies dividends, when
declared, to their stockholders. have minimum capital requirements and are governed by a board of
directors elected by their stockholders
Mutual insurance companies - Answer-owned by their policy owners; have no stockholders. have
minimum capital requirements and are governed by a board of directors. pay policy dividends to
holders.
Demutualization - Answer-the lengthy and complex process of a mutual insurance company
transforming into a stock insurance company
, Medical Care service Providers - Answer-example HMO and PPO. they blend characteristics of
commercial insurance companies and medical care providers
fraternal benefits society - Answer-an organization composed of individuals who typically share a
common ethnic or religious affiliation. have no stock, a rep form of government, not for profit, operate
on a lodge system. May provide insurance to their members. primary life insurance and annuity
products only available to members
Home service companies - Answer-unique distributer of industrial life insurance. typically insurance
agent meets the policy holder to collect the premium giving it its name for its service provided
industrial life insurance - Answer-traditionally offered as "burial insurance", offers individual coverage in
small face amounts, usually less than $10,000. generally require no medical exam to qualify.
ordinary life insurance - Answer-a class of individual life insurance that offers individual coverage in a
variety of term or permanent plans, in any face amount usually above $25,000.
Reciprocal Insurance Exchanges - Answer-an unincorporated group of individuals (subscribers), working
together through an attorney-in-fact, who each agree to pay a pro rata share of any loss suffered by any
other member.
Lloyd's of London - Answer-an insurance market; it provides: a meeting place for transacting insurance
business; underwriting information; a forum for settling disputes and claims, and other regulatory and
administrative services
self-insurers - Answer-not a type of provider but an approach to risk management. works by created a
fund of your own money set aside for insurance risks. example of the retention form of risk
management
risk retention groups - Answer-an insurance company that provides self insurance services to owner
members. born from the risk act of 1986. law requires them to follow the laws of at least one state
