Chapter 1 Maryland Pre-Licensing

A(n) ____ insurer assumes risk from another insurance company

Reinsurance

What is the accounting measurement of an insurance company's future obligations to its policyowners

Reserves

A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a

Risk Retention Group

A reciprocal insurer typically has an administrator who manages the premiums collected from the group members. This administration is called a(n)

Attorney-in-fact

Which if the following types of insurers limits the exposures it writes to those of its owners

Captive Insurer

When a ceding insurer transfers a portion of its risk to an assuming insurer on a case by case basis, this process is referred to as

Facultative Reinsurance

Dividends from a mutual insurance company are paid to whom?

Policyholders

Dividends from a stock insurance company are normally sent to

Shareholders

Which regulates an insurer's claim settlement practices

State insurance departments

Which group is on the Do Not Call Registry designed to protect against?

Telemarketers

An agent's authority to bind an insurer to an insurance company may be granted in the

agent's contract and the insurance company's appointment