Maryland Life Insurance
Risk retention group
A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a
attorney-in-fact
A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n)
Shareholders
A stock insurance company is owned by its
Captive
A(n) agent is an insurance agent who represents only ONE insurance company
Independent
A(n) agent may represent several insurers.
Shareholders
Dividends from a stock insurance company are normally sent to
As the number of insureds increase the number of losses decrease
Insurance is NOT characterized as which of the following?
Facultative Reinsurance
When a ceding insurer transfers a portion of its risk to an assuming insurer on a case by case basis, this process referred to as
Telemarketers
Which group is the Do Not Call Registry designed to protect against?
Treaty reinsurance
Which insurance contract between two insurers involves an automatic sharing of the risks assumed?
Policyowners may be entitled to receive dividends
Which of the following accurately describes a participating insurance policy?
Life insurance
Which of the following financial products creates an instant estate, no matter when the date of death?
Regulate state insurance commissioners
Which of the following is NOT an objective of the National Association of Insurance Commissioners?
Lloyds Organization
Which of the following is a syndicate established by a group of insurers to share underwriting duties?
Reciprocal
Which of the following is an unincorporated association whose members provide coverage for one another?
Producer contract
Which of the following outlines the authority given to the producer on behalf of the insurer?
Captive insurer
Which of the following types of insurers limits the exposures it writes to those of its owners?
Reserves
What is the accounting measurement of an insurance company's future obligation to its policyowners?
State Insurance Departments
Who regulates an insurer's claim settlement practices?
agent's contract and the insurance company's appointment
An agent's authority to bind an insurer to an insurance contract may be granted in the
