Wisconsin Life Insurance Exam Prep Questions & Answers
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Course
Wisconsin Life Insurance
Institution
Wisconsin Life Insurance
Wisconsin Life Insurance Exam Prep
Stock insurer - Answer- - Owned by stockholders/shareholders
- Pays taxable dividends to shareholders if a profit is
made
-Issues nonparticipating policies (non-PAR)
Mutual Insurer - Answer- - An insurer that is owned by its policyholders
- If company is...
Wisconsin Life Insurance Exam Prep
Stock insurer - Answer- - Owned by stockholders/shareholders
- Pays taxable dividends to shareholders if a profit is
made
-Issues nonparticipating policies (non-PAR)
Mutual Insurer - Answer- - An insurer that is owned by its policyholders
- If company is profitable, excess premiums are returned as non-taxable dividend
-Issues participating (Par) policies
Fraternal Benefit Societies - Answer- -Life or health insurance companies formed to
provide insurance for members of an affiliated lodge, religious organization, or
fraternal organization with a representative form of government.
- Members are certificate holders
- Members can acquire additional charges if premiums are not sufficient enough to
meet claims
Reciprocal Insurers - Answer- -Unincorporated groups of people that provide
insurance for one another through individual indemnity agreements
- Ran by an attorney-in-fact
- Members are assessed the amount they have to pay if loss occurs to any member
of the group
Risk Retention Group - Answer- -A liability insurance company owned by its
members, which are exposed to similar liability risks by virtue of being in the same
business or industry. e.g. car dealers or butchers
Lloyd's Associations - Answer- -Insurance provided by individual underwriters not
companies
- Commonly insures things such as hole-in-one contests, celebrity body parts, etc.
Self-insurance - Answer- -A special form of planned retention by which part or all of a
given loss exposure is retained by the firm
Federal Insurer - Answer- -Examples: Social security benefits, military life insurance,
federal employee benefits and retirement benefits.
-Also funds programs to cover catastrophic risk such as; war risks, flooding, and crop
loss
State level government insurance - Answer- Examples: Workers Compensation,
disability insurance, & medical insurance for the needy
Domestic Insurer - Answer- An insurance company that conducts business in the
state of incorporation.
Foriegn Insurer - Answer- Any state other than the state where incorporated
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