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HS311 - Ch3
Types of Insurers and marketing Systems
| Question | Answer |
|---|---|
| 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| Binder | Temporary evidence of insurance superseded when a written policy is issued |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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