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Types of Ins. Co.'s

Ga P & C Insurance Exam - Types of Ins Co's

QuestionAnswer
What are the 2 chief char. of insurance? 1. Transfer of Risk (buy insurance) 2. Share of Losses (by policy holders)
who is party 1 in an insurance policy? the insured
How many yrs data min. to meet Law of Large #'s? 5yrs
What type of casualty insurance guarantees performance (i.e. by contractors)? surety bonds
What type of casualty insurance covers financial losses caused by employee dishonesty? fidelity bonds
Who regulates the insurance industry? States (not fed gov)
What classification of ins. co. writes the majority of its business in a state other than the state where its home office is located? foreign
If an ins. co. is based in Puerto Rico but writes insurance in Ga, then what classification of ins. co. is it? foreign (not alien)
What classification of ins. co. writes the majority of its business in a US state but has its home office in Canada? alien
What law did congress pass in 1945 to establish state reg. auth. of ins.? McCarren-Ferguson Act
What 1970's law established reg. to protect consumers concerning use of credit info in transactions? Fair Credit Reporting Act
All ins. co.'s in Ga can be classified into what two categories? Authorized and unauthorized
A certificate of authority from the state of Ga allows an ins. co. to do what? 1. contract agents 2. write insurance
What is an example of an unauthorized ins. co. operating in Ga? Lloyds of London
Who contracts between licensed agents in Ga and an unauth. ins. co.? surplus line broker
What qualifies a surplus lines risk? must be rejected by a min. of 3 auth. ins. co.'s
What type of insurance is designed to maintain financial stability in case of a catastrophic loss? Reinsuance
Where are most reinsurance co's located? Bermuda (only 2 in USA)
Who owns a mutual ins. co? policy holders
Who owns a stock ins. co.? stock holders
Which type of ins. co. carries more risk- mutual or stock co.? stock (speculative risk)
What type of ins. policy only insures fellow members of an org.? Reciprocal insurance
What types of policies can a reciprocal insurer provide? property and casualty only
What is another term for a reciprocal insurer? Assessment Organization
Who manages a reciprocal insurance organization? Attorney In Fact
An attorney in fact defines what for a reciprocal insurance org? 1. purpose 2. rules 3. membership 4. premiums
What type of ins. org. insures its members for life insurance only? Fraternal
Why does the gov. offer ins. policies? To cover risks that private ins. co.'s are not willing to cover
What are three types of perils covered by gov. insurance only? 1. War 2. Nuclear 3. Flood 4. Crop
Created by: jkbick