Companies & Carriers

Question 1

The insurance industry is primarily regulated at the ____ level

Answer 1

State

Question 2

True or False

The federal government can not regulate insurance over areas that have authority to do so

Answer 2

True

Question 3

Is most insurance written through private or government insurers?

Answer 3

Private

Question 4

Type of insurance company that is owned by stockholders

Answer 4

Stock company

Question 5

Type of insurance company that is owned by policyholders

Answer 5

Mutual

Question 6

Group owned insurer who’s main activity is risk sharing

Answer 6

Reciprocal company

Question 7

Consists of groups of underwriters called syndicates

Answer 7

Loyds of London

Question 8

Social organizations that engage in charitable activities

Answer 8

Fraternal benefits society

Question 9

Groups of insurers that spread the liability amongst their members

Answer 9

Risk retention group

Question 10

Organization formed by a group of businesses to insure liability risks

Answer 10

Risk purchasing group

Question 11

To assume the financial risks of one’s self

Answer 11

Self-Insure