Book 1 Study 3 Flashcards
Who investigates losses?
An adjuster
The ______ is responsible for the operation of the company.
CEO
Authorized _____ brings business to Lloyds.
Brokers
Direct writing insurers do not use _______.
Brokers
Another name for an insurer _______.
Carrier
Liability insurance would be underwritten in this department _________.
Casualty
The overall object of an insurance company is ___________.
Profit
A request for insurance is a/an ___________.
Application
Assets less liabilities equal ____________.
Net Worth
___________ are insurers who operate for the benefit of their members.
Mutuals
Factory mutuals have specialized in the field of _______.
Fire prevention
Who owns a stock company?
Share holders
The ________ department of an insurance company bring in the business.
Marketing
Losses which have been occurred but have not yet been reported.
I.B.N.R. (incurred but not reported)
Reserves for unearned premiums are ________ in the companies books.
Liabilities
It is the responsibility of the _______ to see that a company is run according to it’s by-laws.
Board of Directors
________ is the subject of an insurance contract.
Risk
Unemployment insurance is an example of _______.
Monopolistic (Compulsory- UI Workers Compensation )
Agent/Brokers are appointed by the ________.
Marketing department
The actual owners or Lloyds are known as _______.
Members
A ______ refers to a class of risk.
Line
All the companies wealth is referred to as its ______.
Assets
Interest on investments is a major source of profit for ________ companies.
Stock
The maximum amount an insurer will insure itself is it’s _______.
Retention
The _______ department is responsible for the selection of risks to be insured.
Underwriting
