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Types of insurers

Stock company Insurers under the laws of the state in which they are incorporated, owned by stock holders who elect officials and directors and share in profits
Mutual company Companies that have no capital stock and is owned by policyholders and share profits through dividends. Can attend meetings
Reciprocal company Companies that exchange insurance on each other ,they use an attorney to bind members
Risk retention group A mutual company that insures people of the same profession
Purchasing group A group of people with similar risks who form a organization
Fraternal benefits society Membership is based on ethnic, religious lines. Not for pfofit. Operate on a lodge system no capital stock
Syndicate insurer Not a true insurance company. They provide a place to meetand transact business . Members are individually liable
Surplus/excess lines insurers Provide insurance not offered by admitted insurers
Private insurers Offer coverage fo more common risks
Government insurers Covers risks that others will not insure. Provide coverage for high risks that don't meet underwriting standards
Admitted insurer An insurer that's authorized by its state insurance department to transact business in that state
Non-admitted insurer Insurers not authorized to transact business in a state because they didn't seek admission to the state
Domestic insurer An insurer that transact business in the state they are chartered
Foreign insurer An insurer transacting in a state but that is chartered under a different states laws
Alien insurer An insurer organized under the laws outside the US or its territories
Financial solvency status (independent rating system) Provide information of companies regarding financial strength. They publish guides and review underwriting
Exclusive producer Agents appointed by an insurer to represent them by selling only for them
Independent producer Agents that represent several insurers , so they can offer several premiums
Non-resident agent An agent authorized to write business in a state other than the one in which they live
Direct writer An insurer that deals directly with the insured through a salaried representative
Direct mail / direct response Policies are marketed from the companies home office .
Created by: Jenny10795
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