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Michigan Life and Health Insurance Exam Questions and Answers 2024
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Michigan Life and Health Insurance Exam Questions and Answers
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Michigan Life and Health InsuranceExam Questions and Answers
Actuarial Department - Answer -Calculates policy rates, reserves, and dividends
Alien Insurer - Answer -An insurer whose principal office and domiciled location is
outside the country
Admitted Insurer - Answer -An admitted or authorized insurer is an insurer who has
received a certificate of authority from a state's department of insurance authorizing
them to conduct insurance business in that state.
Broker - Answer -Represents themselves and the insured (i.e. the client, customer)
Captive Insurer - Answer -an insurer established and owned by a parent firm for the
purpose of insuring the parent firm's loss exposure
Certificate of Authority - Answer -A license issued to an insurer by a department of
insurance (or equivalent state agency), which authorizes that company to conduct
insurance business in that particular state.
Claims Department - Answer -Responsible for processing, investigating, and paying
claims
Divisible Surplus - Answer -The amount of earnings paid to policyowners as dividends
after the insurance company sets aside funds required to cover reserves, operating
expenses, and general business purposes.
Domestic Insurer - Answer -An insurer with its principle or home office in a state where
it is authorized
Foreign Insurer - Answer -an insurer with its principal office or domicile location in a
state different from the state it is transacting insurance business
Fraternal Benefit Society - Answer -Non-profit benevolent organization that provides
insurance to its members. Based on religious, national, or ethnic lines.
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