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