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Stock Company
Profit for stock holder
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Mutual Company
Can pay dividends
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Dividends
Return of Premium
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Ceding Company
Keeps some of the risk
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Best Report
Determine Financial Strengths
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Fraternals
Sells certificates not policies
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Reinsurer
Shares some risk
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HMO
Emphasizes preventative medicine
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Example of Misrepresentation
Dividends are quaranteed
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Fair Credit Reporting Act
Protects consumer rights
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Blue Cross
Covers hospital bills
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Rebating
Inducement to buy
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Twisting
Not telling possible disadvantages
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Armstrong Investigation
1905 cash values to policy holders
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McCarren Ferguson Act
1945 state regulation of insurers
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Consideration
Money and Application
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Fiduciary
Financial Trust
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Error and Omission Insurance
Malpractice insurance
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Aleatory Contract
Unequal value is given
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Contract of Adhesion
Take it or leave it
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Waiver
Giving up of rights
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Valued contract
Pays a stated benefit
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Reimbursement Contract
Health insurance
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Insurable interest
Must exist at issue date or inception
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Express Authority
Written authority via contact
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Implied Authority
Tools of the trade
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Apparent authority
Assumption of authority
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