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Declares that the regulation of insurance companies should remain with the individual states
- Enforces state laws and regulations by:
- a) monotoring insurance companies and agents
- b) renewing and approving rates/policies/forms
- c) assuring public insurance availability
Company that is approved to do buisness, considered to be authorized and has a "certificate of authority"
Company that is unauthorized and cannot conduct business in that state
Insurance company formed and domiciled under the laws of a particular state
Insurance company formed under the laws of the United States or a particular state of the US
Insurance company formed under the laws of a country other than the US and it's territories
Incorporated insurance company with its capital divided into shares. Owned by their shareholders
Incorporated insurance company without permanent stock that is owned by its policyholders
Members agree to share in the risk. In case of a loss, the amount pais is shared by the participating members who accepted the risk
Fraternal Benefit Society
Incorporated society without capital stock, only benefits its members and is not for profit.
Risk Retention Grops
Liability insurance can be purchased on a group basis through purchase groups to protect against product liability exposures. Can transact business in other states
Part or all of the risk of loss is borne without the benefit of insurance coverage to fall back on if a los occurs
Exclusive Agency System
Insurance companies contract with independant businesses represent and sell insurance for only that company
Direct writer system
Agents are company employees who may receive salary, commission or both
Direct response system
No agents. Business is conducted over the phone or through direct mail
Independent agency system
Independant agents represent and sell for more than one company
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