Mutual insurer Study guides, Class notes & Summaries

Adjuster Pro - Insurance adjuster test latest 2023 already passed What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Ind...

a domestic user will be examined by the commissioner at least once every ___ - 5 years. an insurance company owned by its policyholder is known as ___ - mutual insurance company. an insurance company headquartered in ohio, conducting business with west virginia is know as ___ - foreign insurer. agent wilson strikes a deal with his client: if the client agree to purchase homeowners insurance from agent wilson, wilson will waive the clients first premium payment. wilson is guilty of ___ - reb...

NC Life Insurance Practice Exam Questions and Answers Already Passed All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws. d) Reporting any violations of insurance laws to the Attorney General. Writing insurance law is not the Insurance Commissioner's responsibility, but enforcing the law is. c) Writing North Carolina ins...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

Who elects the governing body of a mutual insurance company? - correct answer policyholders What year was the McCarran-Ferguson Act enacted? - correct answer 1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - correct answer a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - corr...

Louisiana Personal Lines Insurance Exam Already Graded A+ 104. Coverage for loss by some perils under a building and personal property form is suspended if (Choose from the following options) 1. An uninsured peril causes a partial loss. 2. The insured building is vacant for over 60 days. 3. A loss occurs while a hazard beyond the insured's control is increased. 4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 days 107. In...

Indemnity - ANSWER-a payment for damages or loss Risk - ANSWER-Uncertainty or chance of loss occurring Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. Peril ...

FLORIDA LIFE INSURANCE/ ANNUITIES 2-14 STUDY SET EXAM WITH CORRECT ANSWERS Which of the following individuals MUST be licensed as an agent? - CORRECT ANSWER-A person who places insurance on behalf of anyone seeking insurance. Which of the following statements regarding a nonresident insurance agent is CORRECT? - CORRECT ANSWER-The agent must hold a similar license in their state of residence State insurance laws specifically allow the Commissioner(or Director) to issue a temporary...

LML4805 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED MEMO- DISTINCTION GUARANTEED) Question 1 (a) Distinguish between the essential features of an insurance contract and the general requirements of a valid contract; then address the consequences if any of these are absent. In your answer, also mention one example of an essential feature of an insurance contract and one example of a validity general requirement of a contract. (5) (b) Describe any two informal risk-sprea...

NJ Title Insurance Exam updated 2023/24 Reloaded| 100% verified In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Was not interstate Commerce. In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? - Was interstate commerce and was subject to Federal regulation. The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? - Federal Government Activitie...