Introduction to Insurance Flashcards

1
Q

stock insurance companies

A

generally sell nonparticipating policies. is an incorporated insurer that divides its capital into shares, which are owned by stockholders.

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2
Q

mutual insurance companies

A

generally sell participating policies. is an incorporated insurer without permanent stock, and is owned by policyholders.

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3
Q

reciprocal insurer

A

an unincorporated group of subscribers who provide reciprocal insurance among themselves.

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4
Q

Insurance Code

A

body of laws at STATE level

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5
Q

Statutes

A

body of laws developed by the legislation branch of govt

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6
Q

Rules & Regulations

A

developed by the Dept of Insurance to expand upon statutory requirements and legislative intent

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