Insurance operations and regulation
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| actuary | show 🗑
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| ratemaking | show 🗑
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| show | An agreement by which the primary insurer that writes an insurance policy transfers part of the risk (and premiums) to another insurer (called the reinsurer)
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| ceding company (primary writer) | show 🗑
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| show | Person who settles claims: can be an agent, company adjustor, independent adjustor, adjustment bureau, or public adjustor
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| independent adjustor | show 🗑
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| public adjustor | show 🗑
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| Production department | show 🗑
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| underwriting | show 🗑
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| Mutual insurer | show 🗑
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| show | Mutual insurer that does not issue assessable policies but charges premiums expected to be sufficient to pay all claims and expenses
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| assessment mutual | show 🗑
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| show | Someone who legally represents the insurer, has the authority to act on the insurer’s behalf
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| show | Often used to help companies find insurance, brokers legally represents the insured. They are still compensated by the insurer who wins the business
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| show | Including the general agency system and the managerial system, it is used in life insurance by which an insurer builds its own agency force by recruiting, financing, training, and supervising new agents
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| general agency system | show 🗑
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| managerial system | show 🗑
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| show | The conversion of a mutual insurer into a stock insurer
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| direct response system | show 🗑
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| fraternal insurer | show 🗑
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| Independent agency system | show 🗑
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| show | World’s leading insurance market that provides services and physical facilities for its members to write specialized lines of insurance
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| show | Insurer used only when insurance cannot be obtained from an admitted insurer
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| show | an unincorporated mutual in which insurance is exchanged among members and which is managed by an attorney-in-fact
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| show | An insurance corporation owned by stockholders
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| show | System by which a life insurer sells its products, not by building its own system of agents, but rather through established agents who are already engaged in selling life insurance or similar products
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| show | An above-average salesperson with a proven sales record who is hired primarily to sell life insurance under a contract that provides commissions
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| show | Specialized broker licensed to place business with a non-admitted insurer
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| show | An organization that supplies underwriting information in life insurance to member companies, which report any health impairments of an applicant for insurance
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| policyholder surplus | show 🗑
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| file and use | show 🗑
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| show | Law where insurers can put into effect immediately any insurance rate changes, but the rates must be filed with regulatory authorities within a certain period after first being used
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| open competition | show 🗑
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| guaranty funds | show 🗑
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| show | 1868 US Supreme Court case that established the rights of states, and not the federal government, to regulate insurance, ruling that insurance was not interstate commerce
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| South-Eastern Underwriters Association case | show 🗑
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| show | 1945 law stating that continued regulation of the insurance industry by the states is in the public interest and that federal anti-trust laws apply to insurance only to the extent that the industry is not regulated by state law
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| show | states that insurers, banks, and investment firms are no longer prevented from competing in other financial markets not in their ‘core’ area of operations
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| show | a group founded in 1871 that meets periodically to discuss industry problems and draft model laws in various areas and recommends adoption of these proposals by state legislators
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| show | a practice, illegal in virtually all states, of giving a premium reduction or some other financial advantage to an individual as an inducement to purchase the policy
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| twisting | show 🗑
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| show | Under NAIC standards, insurers are required to have a certain amount of capital that is based on the riskiness of their investments and operations
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| proportional reinsurance | show 🗑
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| quota share (pro rata) reinsurance | show 🗑
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| surplus share reinsurance | show 🗑
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| show | primary insurer pays claims to a specified level and reinsurer pays losses above that amount.
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