100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
RMIN 4000 Exam 2 Quetions and Answers 2024 $12.99   Add to cart

Exam (elaborations)

RMIN 4000 Exam 2 Quetions and Answers 2024

 0 view  0 purchase
  • Course
  • RMIN 4000 UGA
  • Institution
  • RMIN 4000 UGA

Exam of 11 pages for the course RMIN 4000 UGA at RMIN 4000 UGA (RMIN 4000 Exam 2)

Preview 2 out of 11  pages

  • November 12, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000 UGA
  • RMIN 4000 UGA
avatar-seller
julianah420
RMIN 4000 Exam 2

Major Types of Private Insurers - answer Stock Insurers
Mutual Insurers
Lloyds of London

Stock Insurer - answer-A corporation owned by stockholders.
-Objective is to earn profits for the stockholders by increasing stock and paying
dividends.
(Progressive, Allstate, Metlife, etc.)

Mutual Insurer - answer-a corporation owned by policyholders.
-profits are distributed to policyholders by dividends or rate reductions.
(statefarm, nationwide, liberty mutual)

types of mutual insurers – answer assesement
advanced
fraternal

Lloyd's (of London) - answer-NOT an insurer, but a society of members who underwrite
insurance in syndicates.
-World's leading market that provides services and physical facilities for its members to
write specialized lines of insurance

Lloyd's broker - answerrepresent policyholders to arrange coverage with syndicates

Lloyd's Syndicates - answerthose insurance companies that offer insurance contracts in
the market

managing agents - answermanage the syndicates, who typically specialize in certain
lines

underwriters - answerwork for the syndicates to asses risks and determine premiums

other types of private insurers - answerblue cross blue shield plans
health maintenance organizations (HMO'S)
captive insurers

insurance agent - answer-someone who legally represents the principle (insurance
company) and has the authority to act on the principle's behalf
-the principle (insurance company) is legally responsible for all acts of an agent when
the agent is acting within the scope of authority

, insurance binders - answerprovide temporary insurance until the policy is actually
written
-can be provided by property and casualty (P&C) agents
-life insurance agents usually have no authority to issue binders

insurance broker - answerSomeone 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

large brokerage firms - answer-Very important in Commercial P&C coverage.
-May have knowledge of highly specialized insurance markets.
-May provide risk management and losscontrol services.
(AON, Marsh & McLennan, Willis Towers Watson)

surplus lines broker - answerLicensed to place business with a nonadmitted insurer.

surplus lines - answerInsurance for which there is no readily available, admitted market
in the state

nonadmitted insurer - answeran insurer not licensed to do business in the state

Distribution-Independent Agency - answer-Usually represents several unrelated
insurers. ---Agents are paid a commission which varies by the line of insurance.
-The agency owns the expirations or renewal rights to the business.
-Agents may be authorized to adjust small claims and may provide loss control services
to their insurers

Distribution-Exclusive Agency System (Captive Agents) - answer-Agent represents only
one insurer or group of insurers under common ownership.
-Agents are generally paid a lower commission rate on renewal business than on new
business.
-Agents usually do not own the expirations or renewal rights to the policies.
-Insurers provide strong support services to new agents

direct writer - answer-An insurer in which the salesperson is an employee of the insurer,
not an independent contractor.
-Employees are usually compensated on a "salary plus" arrangement

direct response - answerInsurer sells directly to the consumer by television or some
other media

independent agent - answerusually represents several unrelated insurers

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart