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HS311 - Ch3

Types of Insurers and marketing Systems

QuestionAnswer
Domestic Insurer Doing business in the state incorporated
Foreign Insurer Doing business in a state other that incorporated
Alien Insurer Incorporated in another country
Nonadmitted Insurer Not licensed or authorized to do business in policyowners home state
Surplus Lines Insurer Provide coverage that would otherwise not be available
Stock Insurance company Corporation owned by shareholders
Mutual Insurance Company Not-for-profit owned by policyowners
Advance Premium Mutuals Issue non-assessable contracts in which the premium (cost of insurance) is set when the policy begins. May pay dividends
Assessment Mutual May or may not pay advanced premiums but can be assessed for a portion of the company's losses and expenses at the ens of the policy period
Demutualization Converting from a mutual company to a stock company
Mutual Holding Company A mutal company directly or indirectly owning a stock company
Fraternal Insurer Type of insurer providing insurance to its members
Reciprocal Exchange An unincorporated pool of funds owned by the policyholders and managed by an attorney-in-fact
Blue Cross & Blue Shield Plans Organizations formed for the purpose of prepaying subscibers' medical care benefits
Lloyd's Associations Insurance is written by underwriting members who sign "each for himseld and not for another"
Agent Producer
Binder Temporary evidence of insurance superseded when a written policy is issued
Brokers Represent the policyowner rather than the insurer
Surplus Lines Broker Places coverage with non-admitted insurers who can often provide insurance when no other market is available in the state
Direct Response Marketing Insurers deal directly with the applicant and not through agents
General Agency System Individual granted a franchise from an insurance company
Branch Office System Insurer establishes offices run by a salaried manager
Personal Producing General Agent (PPGA) GA system where insurer hires experienced agent for area. Sole responsibility is production
Independent Agency system Independent business usually representing several insurers
Exclusive Agency System Agent represents only one company or group of companies
Created by: djseibel
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