RMIN Test 2 Daniel Brown UGA UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
RMIN
Institution
RMIN
RMIN Test 2 Daniel Brown UGA
UPDATED ACTUAL Exam Questions and
CORRECT Answers
stock insurers
mutual insurers
Lloyd's of London - CORRECT ANSWER- Major Types of Private Insurers
stock insurer - CORRECT ANSWER- a corporation owned by stockholders
RMIN Test 2 Daniel Brown UGA
UPDATED ACTUAL Exam Questions and
CORRECT Answers
stock insurers
mutual insurers
Lloyd's of London - CORRECT ANSWER✔✔- Major Types of Private Insurers
stock insurer - CORRECT ANSWER✔✔- a corporation owned by stockholders
objective is to earn profit for stockholders by increasing the value of the stock and paying
dividends
mutual insurer - CORRECT ANSWER✔✔- a corporation owned by policyholders
profits are distributed to policyholders by dividends or rate reductions
advance premium mutual
assessment mutual
fraternal insurer - CORRECT ANSWER✔✔- types of mutual insurers
advance premium mutual - CORRECT ANSWER✔✔- insurer does not issue assessable
policies
assessment mutual - CORRECT ANSWER✔✔- insurer has the right to assess policyholders
an additional amount if the insurer's financial operations are unfavorable
,fraternal insurer - CORRECT ANSWER✔✔- proveds life and health insurance to members
of a social or religious organizations
Lloyd's of London - CORRECT ANSWER✔✔- World's leading market for members to write
specialized lines of business
Lloyd's Brokers - CORRECT ANSWER✔✔- represents policyholders to arrange coverage
with syndicates
Lloyd's Syndicates - CORRECT ANSWER✔✔- offer insurance contracts in the market
must meet Lloyd's stringent capital requirements
managing agents - CORRECT ANSWER✔✔- manage the syndicates, who typically
specialize in certain lines
underwriters - CORRECT ANSWER✔✔- work for the syndicates to assess risk and
determine premiums
provide capital to syndicates, receiving profits or bearing losses
most are corporations or limited partnerships
"Names" are high net worth individuals - CORRECT ANSWER✔✔- members of syndicates
, insurance agent - CORRECT ANSWER✔✔- someone who legally represents the principal
and has the authority to act on the principal's behalf
principal - CORRECT ANSWER✔✔- legally repsonsible for all acts of an agent when the
agent is acting within the scope of authority
insurance binders - CORRECT ANSWER✔✔- provide temporary insurance until the policy
is actually written
can typically be provided by property and casualty agents
life insurance agents usually have no authority to issue binders
insurance broker - CORRECT ANSWER✔✔- someone who legally represents the insured
and:
solicits applications and places coverage with the appropriate insurer
is paid a commission from the insurer
in general, does NOT have the authority to bind
very important in commercial P&C coverage
May have knowledge of highly specialized insurance markets
May provide risk management and loss control services - CORRECT ANSWER✔✔- Large
Brokerage Firms
licensed to place business with a nonadmitted insurer - CORRECT ANSWER✔✔- surplus
lines broker
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