Classifications of Insurers

Totally Radical Insurance Company is owned by investors called shareholders. This means it is which type of insurer?

Superfantabulous Insurance Company is owned by the customers it serves. This means it is which type of insurer?

Jorge received a dividend check from the carrier that insures his home. Which of the following statements is NOT true?

We Are the Best Insurance Company is an admitted insurer. Which of the following statements is NOT true about this insurer?

Tooele Insurance Company has its world headquarters in Utah and has a Certificate of Authority from the Utah Insurance Department. From Utah’s perspective, this is what type of company?

Las Vegas Lights Insurance Company has its world headquarters in Nevada and has a Certificate of Authority from the Utah Insurance Department. From Utah’s perspective, this is what type of company?

Larry’s of London Insurance Company has its world headquarters in Great Britain and does NOT have a Certificate of Authority from the Utah Insurance Department. From Utah’s perspective, this is what type of company?

An insurance company’s domicile refers to what?

To be considered an admitted insurer, an insurance company needs which license?

Which type of insurer is defined as, “Any incorporated society, order or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries, and not for profit?”

If an agency is able to represent and sell for multiple insurance companies, it is known as

Exclusive agencies

If an insurance company’s products are sold by employees of the company who are licensed insurance producers, the company is called

If an insurance company’s products are sold directly through the mail, phone, or Internet without licensed insurance producers, the company is called

Insurance for insurance companies is known as

The insurer that sells the policy (or policies) to the customer and then cedes (transfers) some of the risk to a reinsurer, is called the

In a reinsurance contract, the insurer that assumes (takes) the risk is called the

Which type of reinsurance is for a large or unusual risk, such as a very big building or a very large amount of life insurance on one person?

Which type of reinsurance is it when the originating insurer agrees in advance to cede (transfer) many risks to a reinsurer —and the reinsurer agrees in advance to assume (take) the risks.

The policyowners are known as subscribers and pool their money together to provide insurance for each other. The subscribers are the owners of the carrier that provides the insurance. However a separate entity called an attorney-in-fact (AIF), is hired to manage the exchange. This describes which type of insurer?

A group of individuals that join together and pool their money to assume certain risks for a fee. This describes which type of insurer?

A state-approved insurance company that provides liability insurance to large businesses. It is owned by the member businesses that it provides insurance to. This describes which type of insurer?

Which of the following is most likely to act as the insurer of last resort?

What is the purpose of the independent rating services?