Chapter 1.2 Flashcards
An insurer that is charted in the State of New Jersey and is authorized in Connecticut is referred to in the latter state as which of the following?
Foreign Insurer
An authorized company whose principal office is located in this state operates in this state as?
Domestic Company
An insurer owned by its policy owner’s best describes?
Mutual Company
Which of the following manage a reciprocal?
An attorney in fact
Fraternal offer various types of insurance programs for which of the following
For their members only
Insurance rating services analyze insurers based upon all of the following criteria, EXCEPT
Personnel Practices
An agent generally represent which of the following
Insurer
Which of the following is a syndicate that shares underwritten information?
Lloyds Organization
A legal relationship between two parties when one of the parties acts on behalf of another is known as
agency
Which of the following types of authority is underwritten
Implied
Which of the following best describes a reinsurance agreement where the parties agree on a specific percentage of risk sharing
Quota Share
The total premium is a combination of earned premium and
Unearned Premium
Insurance available to those who need protection but is not available to private or commercial carriers.
Surplus lines
Who handles unusual or substandard risk
Surplus lines
Risk considered individually by both parties ( ceding company or reinsurer
Facultative
