Reciprocal exchange a - Study guides, Class notes & Summaries

Agent/Producer - Answer-A legal representative of an insurance company Broker - Answer-An insurance producer not appointed by an insurer and whom represents the client Insured - Answer-A person covered by an insurance policy Insurance policy - Answer-A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal - Answer-Insurer, company who issues insurance policies Policyowner - A...

AINS 101 EXAM QUESTIONS WITH 100% CORRECT ANSWERS UPDATED Why are insurance regulators concerned about the effects of large catastrophes? - Answer- Insurers may become insolvent A stock insurer differs from a reciprocal insurance exchange in which one of the following ways? - Answer- Stockholders own a stock insurer. Members own a reciprocal insurance exchange. Sota's Superstore has recently become an insured of Keithly Insurance Company. Kaito, Keithly's premium auditor, is bein...

Nebraska Life and Health Insurance Exam Questions and Answers Already Passed What is Insurance? a contract in which 1 party (insurance company) agrees to indemnify (make whole) the insured party against loss, damage, or a liability arising from an unknown event. What is life insurance? a policy that protects survivors from losses suffered after an insured's death What does insurance do? transfers the risk of loss from an individual or business entity to an insurance company whi...

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

foreign environment - ANSWER-All the uncontrollable forces originating outside the home country that surround and influence the firm international environment - ANSWER-Interaction between domestic and foreign environmental forces or between sets of foreign environmental forces gross domestic product (GDP) - ANSWER-the total monetary value of all goods and services produced within a nation gross national income (GNI) - ANSWER-The total value of all income generated by the residents of a ...

Reciprocal Company (Types of Insurance Companies) - ️️A unincorporated group forms together and agrees to share the insurance responsibly with all other members. Each insurers each other and share the losses with each other Five parts of an insurance contract - ️️Declarations Insuring Agreements Conditions Exclusions Definitions Contract - ️️A legal agreement between two competent parties that promises a certain performance in exchange for a certain consideration Contracts ...

AINS 101: Practice Questions and Answers (Graded A+) Joe and Helene are married with two teenage children and two dogs. They own three cars and a large house with a swimming pool in the back yard. Their insurance agent advised them that the pool, teenage drivers, and dogs put them at risk for large liability losses. Which one of the following personal property-casualty insurance policies would provide them with protection for their high potential for large liability losses? - answerA. Pers...

A broker is found guilty and ordered to pay monetary damages to a consumer. What timeframe must the injured party file a claim for payment from the real estate recovery fund? Injured parties must file claim to real estate recovery fund one year after termination of proceedings in connection to judgement awarded consumer. What statement is TRUE regarding the real estate recovery fund? An agreement of sale must contain disclosure language advising parties of the existence of the rea...

Contract - A binding agreement that courts will enforce Requirements of a Contract - Mutual Assent, Consideration, Legality of Object, Capacity Express Contract - A contract, the terms of which are stated either orally or in writing Implied-in-Fact - A contract not created by the explicit agreement of the parties, but mutual assent is inferred by acts or circumstances Implied-at-law (quasi-contract) - No contract; Equitable remedy to prevent unjust enrichment Measure of recovery - not cont...

Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. The primary role of insurance is to meet mandatory insurance requirements. co...