RMIN 4000 Test 2 Daniel Brown Questions and Correct Answers | Latest Update
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Course
RMIN 4000
Institution
RMIN 4000
Stock Insurer
-:- Corporation owned by Stockholders (earn profit for stockholders by
increasing the value of the stock and paying dividends).
Mutual Insurer
-:- Corporation owned by Policyholders (profits are distributed to
policyholders
by dividends or rate reductions).
Advance Premium...
✓ -:- represent policyholders to arrange coverage with syndicates. Legally
represents
insured.
Syndicates
✓ -:- Offer insurance contracts in the market.
Managing Agents
✓ -:- Manage the syndicates, who typically s pecialize in certain lines.
Underwriters
✓ -:- Work for the syndicates to assess risks and determine premiums.
Insurance Agent
✓ -:- Someone who legally represents the principal (insurance company)
and has the authority to act on the principal's behalf (Company's Legal Representative).
Insurance Binders
2|P a g e | G r a d e A + | 2 0 2 0 2 5
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