Mutual insurers Study guides, Class notes & Summaries
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Alabama Life And Health Insurance Exam 2024 With Guaranteed Accurate Answers
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The Fair Credit Reporting Act - correct answer what law protects consumers from the circulation of inaccurate or obsolete information? 
 
domestic, foreign, and alien - correct answer Insurers are classified according to their domicile. What are the 3 types of insurers? 
 
Fraternal insurer - correct answer what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? 
 
mutual company - correct answer the type of insura...
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Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct
- Exam (elaborations) • 62 pages • 2023
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Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct 
 
Q: which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? 
 
A. Reciprocal 
B. Fraternal 
C. Stock 
D. Mutual 
 
Answer: 
C. Stock 
 
Only stock insurance companies are owned and controlled by stockholders 
 
 
 
Q: which of the following best describes the concept that the insured pays a small amount of prem...
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Wisconsin Accident and Health Insurance Exam 2023 Questions and Answers with complete solution
- Exam (elaborations) • 40 pages • 2023
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Wisconsin Accident and Health Insurance Exam 2023 Questions and Answers with complete solution 
 
Dividends from a stock company are normally sent to: 
Beneficiaries 
Shareholders 
Policy holders 
Insureds 
Shareholders 
Which of the following financial products creates an instant estate, no matter when the date of death? 
Mutual funds 
Life insurance 
Certificate of deposit 
Deferred annuity 
Life insurance 
Which of the following outlines the authority given to the producer on behalf of the in...
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Webce Life and Health exam 2023 with 100% correct answers
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Representations and Warranties 
Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. 
 
 
 
Underwriting vs. Actuarial Departments 
Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...
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WebCE Exam Questions with correct Answers
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Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. 
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. 
 
Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. 
Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...
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Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score.
- Exam (elaborations) • 14 pages • 2023
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Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. 
 
 
 
 
 
 
 
 
 
(1)Surplus Lines premiums typically expand during: 
A) A soft Market 
B) A Hard Market - correct answers.A Hard Market. 
 
Surplus lines premiums typically expand during a hard market. 
 
(2) During the time of a hard market, insurers will: 
A) Tighten their underwriting standards 
B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. 
 
Tighten and ra...
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UPDATED 2024/2025 Texas Life and Health Insurance Exam Questions And Answers with complete solution (Graded A+)
- Exam (elaborations) • 14 pages • 2023
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At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - CORRECT ANS Upon completion of the application 
Who elects the governing body of a mutual insurance company? - CORRECT ANS policyholders 
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - CORRECT ANS Fair Credit Reporting Act 
What type of reinsurance contract involves two companies automa...
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Property and Casualty Insurance Exam – Georgia Questions and Answers 100% Pass
- Exam (elaborations) • 110 pages • 2022
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Property and Casualty Insurance Exam – Georgia Questions and Answers 100% Pass BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. 
HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premi...
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Property and Casualty Insurance Exam – Georgia correctly answered 2023 rated A+
- Exam (elaborations) • 59 pages • 2023
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Property and Casualty Insurance Exam – Georgia correctly answered 2023 rated A+BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premis...
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RMIN 4000 Edmunds Exam 2 Qs&As
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RMIN 4000 Edmunds Exam 2 Qs&As 
major types of private insurers - ANS-Stock, Mutual, and Lloyd's of London 
stock insurers - ANS-corporation owned by stockholders. 
objective is to earn profit for stockholders by increasing the value of the stock and paying dividends 
Mutual insurers - ANS-a corporation owned by policyholders. profits are distributed to policyholders by 
dividends or rate reductions 
types of mutual insurers - ANS-advance premium mutual, assessment mutual, and fraternal insure...
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