Insurance Chapt 1
insurance
A contract that transfers financial risk from an individual or entity to another party, usually an insurance company.
captive insurer
An insurer established and owned by a parent firm for the purpose of insuring the parent firm's loss exposure.
Foreign insurer
An insurer that is authorized in one state, but its charter or principal office is in another State.
Alien Insurer
An insurer which is authorized in any state within the US but it's principal office is located outside the country.
Admitted Insurer
An insurer who has received a certificate of authority from a states department of insurance authorizing them to conduct insurance business in that state
Domestic insurer
Insurer which has its principal or home office in a state where it is authorized.
Broker
Represents themselves and the insured