XCEL
Certificate Authority
A Captive Insurer is an issuer established and owned by a parent firm for the purpose of insuring the firms loss exposure
Certificate of Authority
A Certificate of Authority is a licensed issued to an insurer by a department of insurance (or equivalent state agency), which authorizes that company to conduct insurance business in the particular state.
Actuarial Department
Determines the premium rates, reserves and persistency rates of policies
Divisible Surplus
Divisible surplus is the amount of earnings paid to policy owners as dividends after the insurance company sets aside funds required to cover reserves, operating operating expenses, and general business purposes.
Surplus Insurance Company
Insurance is nontraditional insurance only available from a surplus lines insurer. They offer coverage foe substandard or unusual risk not available through private or commercial carriers.
Surplus Lines Insurance
Insurance is nontraditional only available from a surplus lines insurer. They offer coverage for substandard or unsual risks not available through private or commercial carriers
Reciprocal Insurer
Is and unincorporated organization in which all members insure one another
Reinsurance
acceptance by one or more insurers, called reinsurers, of a portion of the risk underwritten by another insurer who as contracted for the entire coverage
Participating Plan
an insurance policy under which the policy under which the policy share in the companies earnings through receipt of dividends and also elect the companies board of direstors
Mutual Insurance Company
are insurance companies characterized by having no capital stock, being owned by its policy owners and usually issue participating insurance
Private Commercial Insurer
companies owned by private citizens or groups that offer one or more insurance lines
Self Insurers
Establishes a self funded plan to cover potential losses instead of transferring the risk to an insurance company
Fraternal Benefit Societies
Fraternal Benefit Societies are non profit benevolent organizations that provide insurance to its members.
Reinsurer is a company that provides financial protection to insurance companies. reinsurers handle risk that are too large insurance companies to handle on their own and make it possible for insurer to obtain more business than they would other wise be able to
Risk Retention Group
claims department
The claims department is responsible for processing, investigating, and pay claims.
insurance
The transfer of risk though the pooling or accumulation of funds
Insurance
The transfer of risk though the pooling or accumulations of funds
Lloyd's of London
not an insurer, but a group of individuals that underwrite unusual insurance
Insurer
the insurance company
nonparticipating policy
typically issues by stock companies, does not keep rates
Non admitted Insurer
unauthorized insurer that does not have a license from a state department of insurance
Domestic Insurer
A Domestic Insurer is an with its principal or home office in a state where it is authorized
Foreign Insurer
A Foreign Insurer is an insure with its principal office or domicile location in a state different from the state it is transacting insurance business
Admitted Insurer
An insurance company authorized and licensed to transact business in a particular state.
Alien Insurer
An insurance company that is incorporated outside the United States.
Insured
The insured is the customer receiving insurance protection under an insurance policy
Broker
a person who is paid to buy and sell for someone else
Stock Insurance Company
is an insurance company owned and controlled by a group of stock holders who's investment in the company provides the safety margin necessary in issuance of guaranteed fixed premium non participating policies.
Multi line Insurer
multi line company or independent agent the 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 , long term care, and health insurance needs.