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RMIN 4000 Test 2 Daniel Brown Exam|50 Questions and Answers
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RMIN 4000 Test 2 Daniel Brown Exam|50 Questions and Answers
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RMIN 4000 Test 2 Daniel Brown Exam|50Questions and Answers
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 Mutual
Assessment Mutual
Fraternal Insurer
- Lloyd's of London - -Specialized lines of business.
- Brokers - -represent policyholders to arrange coverage with syndicates.
Legally represents
insured.
- Syndicates - -Offer insurance contracts in the market.
- Managing Agents - -Manage the syndicates, who typically specialize 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 - -Provide temporary insurance until the policy is
actually written.
- Surplus Lines Broker - -Licensed to place business with a nonadmitted
insurer.
- Surplus Lines - -Refer to any type of insurance for which there is no
available market in
the state.
- Nonadmitted Insurer - -An insurer not licensed to do business in the state.
, - Independent Agency - -Usually represents several unrelated insurers.
Commission paid agents.
- Exclusive Agency - -Agent represents only one insurer or group of insurers
under common
ownership. Lower commission paid agents on renewal of business rather
than new business.
- Direct Writer - -An insurer in which the salesperson is an employee of the
insurer,
not an independent contractor.
- Direct Response - -Insurer sells directly to the consumer by television or
some other media.
- Group Insurance Marketing - -Methods to sell individual insurance policies
to:
Employer groups, Labor unions, Trade associations
- Ratemaking - -The pricing of insurance and the calculation of insurance
premiums.
Regulatory Goals must be:
Adequate
Not be excessive
Should not discriminate
Business Rate Goals must be:
Stable
Responsive
Able to Provide for contingencies
Able to Promote Loss Control
Simple
- Actuary - -A person who uses complex statistical methods and technology
to analyze loss
and other data to determine rates and premiums.
- Prospective Loss Costs (Pure Premium) - -Amount needed to pay future
claims and loss
adjustment expenses.
Class (Manual) Rating: Frequency*Severity
- Expense Provisions (Load) - -Amount needed to pay future expenses
(acquisition, overhead, premium taxes).
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