State Insurance Words

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Risk Retention Group

A group-owned liability insurer which assumes and spread product liability and other forms of commercial liability risks among its members

Certificate Authority

A 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.

Alien Insurer

An insurance company that is incorporated outside the United States.

Admitted Insurer

An insurer to which a state insurance department has granted a license to do business within that state.

Surplus Lines Insurance

Nontraditional insurance only available from a surplus lines insurer. They offer coverage for substandard or unusual risks not available through private or commercial carriers.

Private (Commercial) Insurer

Private or commercial insurance companies are companies owned by private citizens or groups that offer one or more insurance lines. Commercial insurers are NOT government-owned.

insurance

The transfer of risk through the pooling or accumulation of funds.

Reciprocal Insurers

Unincorporated organization in which all members insure one another

Reinsurer

a company that provides financial protection to insurance companies. Reinsurers handle risks that are too large for insurance companies to handle on their own and make it possible for insurers to obtain more business than they would otherwise be able to.

Multi-line insurer

an insurance company or independent agent that provides a one-stop shop for businesses or individuals seeking coverage for all their insurance needs. For example, many large insurers offer individual policies for automobile, homeowner, long-term care, life and health insurance needs.

captive insurer

an insurer owned by a parent firm for the purpose of insuring the parent firm's loss exposures

Fraternal Benefit Society

are nonprofit benevolent organizations that provide insurance to its members

Self-Insurers

establishes a self-funded plan to cover potential losses instead of transferring the risk to an insurance company

Mutual Insurance Company

insurance companies characterized by having no capital stock, being owned by its policy owners, and usually issue participating insurance

Insurer

insurance company

Stock Insurance Company

insurance company owned and controlled by a group of stockholders (or shareholders) whose investment in the company provides the safety margin necessary in the issuance of guaranteed, fixed premium, nonparticipating policies

Foreign Insurer

insurer with its principal office or domicile location in a state different from the state it is transacting insurance business

Domestic Insurer

insurer with its principal or home office in a state where it is authorized

Lloyd's of London

is NOT an insurer, but a group of individuals and companies that underwrite unusual insurance

Industrial Insurer

make 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.

Broker

represents themselves and the insured

claims department

responsible for processing, investigating, and paying claims

Underwriting Department

responsible for reviewing applications, approving or declining applications, and assigning risk classifications

Reinsurance

the acceptance by one or more insurers of a portion of the risk underwritten by another insurer who has contracted for the entire coverage

divisible surplus

the 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

Insured

the customer receiving insurance protection under an insurance policy


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