Companies and departments

Home > Preview

The flashcards below were created by user Brebre21 on FreezingBlue Flashcards.

  1. Function of Underwriting -
    Evaluate applications; select rating factors, policy terms and conditions.
  2. Private Insurers - 3 Types:
    Stock, Mutual, Reciprocal
  3. Benefits of Insurance -
    Peace of mind and securing credit.
  4. Self-Funding -
    Retaining all or part of the risk
  5. Reinsurance -
    Companies share the risk and premiums.
  6. Marketing Distribution Marketing Distribution - 4 Systems:
    Direct Writing, Direct Mail, Exclusive Agents, Independent Agencies
  7. Investigative Agencies - 5 areas:
    Personal Interviews, MIB, DMV, Financial Reports, Physician Statements
  8. Agent -
    Works on behalf of a company for an insured.
  9. Broker -
    Works on behalf of an insured for a company.
  10. Solicitor -
    Works for an employer, selling insurance under an agent.
  11. MGA -
    Works with agents and is appointed with many companies.
  12. Property & Casualty Licensee -
    Licensed to transact Hazard insurance and Liability policies including Health and Disability insurance.
  13. Personal Lines Licensee -
    Cannot transact Health Disability or Commercial.
  14. Adjuster -
    Assists in settling claims either for a company or for an insured.
  15. Non-Admitted/Admitted -
    Not authorized to transact business in CA, except through a Surplus. Lines broker.
  16. Alien/Foreign/Domestic -
    Organized under laws of another country/another state/CA.
  17. Surplus Lines and Special Surplus Lines -
    • Only transact for non-admitted/brokers who
    • transact railroad, aircraft, ship owners coverage, etc.
  18. Inactive License -
    No Notice of Appointment on file, but all fees and CE units are up to date.
  19. Fiduciary -
    Handles affairs and funds of others.
  20. CE Unit requirements -
    Continuing Education is: First 4 years=25 units each year, 3rd renewal cycle, 15 units every year or 30 units each renewal cycle.
  21. CIC & CCR’s -
    California Insurance Code & California Code of Regulations
  22. Departments in an Insurance Company - 4 areas:
    Marketing, Sales, Underwriting, Actuarial
  23. Types of Insurance Companies - 5 Types:
    Reciprocal, Mutual, Stock, Risk Retention Group, Lloyds
  24. Commissioner -
    Elected by the citizens to administer, interpret and enforce the code.
  25. CSGA -
    California State Guaranty Association
  26. Rating Laws - 4 types:
    Prior Approval, File & Use, Use & File, Open Competition
  27. ISO -
    Insurance Service Office
  28. Subrogation -
    Insured gives up the right to sue the 3rd party and the company does it for them.
  29. Arbitration -
    Mediator that helps settle disputed claims.

Card Set Information

Companies and departments
2013-05-20 19:52:10
Cram workbook

Show Answers:

What would you like to do?

Home > Flashcards > Print Preview