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.