Mutual insurer Study guides, Class notes & Summaries

Producer ️ licensed person who has the authority to sell, solicit, or negotiate insurance contracts Who has permission to cancel the license? ️ the commissioner Agent ️ person or corporation authorized to solicit insurance, collect premiums & transact insurance business on behalf of an insurance company Producer is appointed by who ️ appointed by the agent to represent the insurer & an insurer can cancel the appointment of agent DIFS ️ Dept of Insurance and Financial Services, ...

A participating company is also referred to as which type of insurer? - CORRECT ANSWER-Mutual insurer An insurer owned by its policyholders, is called a - CORRECT ANSWER-Mutual insurer What is a participating life insurance policy? - CORRECT ANSWER-Contract that allows the policyowner to receive a share of surplus in the form of policy dividends An insurer enter into a contract with a third-party to ensure itself against losses from insurance policies it issues. What is this agreement ca...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

RMIN 4000 Test 2 Daniel Brown (2024/2025) 100% Solved 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 wit...

AINS 103 (Latest 2023/ 2024 Update) Exploring Commercial Insurance Exam Review Questions and Verified Answers| 100% Correct| Grade A Q: Which one of the following is one of the covered causes of loss in the commercial property policy Causes of Loss—Basic form? Answer: Vandalism Q: Billy owns a baseball souvenir store in Cooperstown, NY. He insured his store under a Building and Personal Property Coverage Form (BPP) with a $275,000 limit and a $1,500 deductible. A large fire in ...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock (Ans- A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds are...

life - colorado law exam questions and answers 100% pass Which type of insurer may pay dividends to policyholders? - Correct Answer ️️ -Mutual You must be licensed to sell all of the following EXCEPT: - Correct Answer ️️ -Travel accident To obtain a Colorado producer's license as a nonresident, you must: - Correct Answer ️️ -Have a similar license in your home state You need an insurance license to sell all EXCEPT: - Correct Answer ️️ -Prepaid Legal If, after a hearing, ...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

MS Property & Casualty Exam Questions The penalty for violating a cease and desist order of the Commissioner might be a loss of license and...? - correct answer A fine up to $1,000 for each violation An insurer formed under the laws of Mississippi is known as...? - correct answer Domestic Insurer An insurance company owned by its POLICYHOLDERS is known as a...? - correct answer Mutual Insurer Is the Commissioner of Insurance appointed or elected? - correct answer The Commissioner is EL...

Primerica Life Insurance Exam 2024 100% Passed An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - Answer ️️ -A. mutual funds not paid out after paying claims and other operating costs are returned to the po...