Keywords Flashcards
Acturial Department
Calculates policy rates, reserves and dividends
Alien insurer
An insurer whose principal office and domiciled location is outside the country
Admitted insurer
An admitted insurer or authorized insurer is an insurer who has received a certificate of authority from a states department of insurance authorizing them to conduct insurance business in that state
Broker
Represents themselves and the insured
Captive insurer
An issuer established and owned by a parent firm for the purpose of insuring the parent firms loss exposure
Certificate of Authority
A license issued to an insurer by a department of insurance (or equivalent state agency), which authorizes the company to conduct insurance business in that particular state
Claims department
Is responsible for processing, investigating, and paying claims
Divisible Surplus
The amount of earnings paid to policyowners as dividends after the insurance company sets aside funds required to cover reserves, operating expenses,and general business purposes
Domestic Insurer
An insurer with its principal or home office in a state where it is authorized
Foreign Insurer
An insurer with its principal office or domicile location in a state different from the state it is transacting insurance business
Fraternal Benefit society
Are nonprofit benevolent organizations that provide insurance to its members
Industrial insurer
Make up a specialized branch of the industry, primarily providing policies with small face amounts with weekly premiums. Other names for industrial insurance include home, service, or debit insurers.
Insurance
The transfer of risk through the pooling or accumulation of funds
Insured
the customer receiving insurance protection under an insurance policy
Insurer
The insurance company