Types of mutual insurers Study guides, Class notes & Summaries

Life, Accident and Health - Michigan Study Guide Exam Questions With Verified Answers Insurance Contract - answerLegal agreement between an insurance company and an individual, where the insurer collects a premium from the insured in exchange for the insurers promise to pay potential future benefits in the event of covered losses. Risk Pooling - answerCombines similar losses from many people so that the average loss over the entire group is relatively constant Law of Large Numbers - answ...

1. Chapter 1 - Intro: 2. List the 5 functions of insurance:: 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity 3. Definition of insurance (3 parts): 1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain risk or peril iii) the amount of the pay...

Insurers can benefit from - Answer-A framework they can use to approach problems through data analysis The important first step in a decision-making model is to - Answer-Define the problem Which one of the following is a way that insurers and risk managers can use data science to improve their results through data-driven decision making? - Answer-Discovering new relationships in data The first step in the data mining process is to - Answer-Understand what a business wants to achieve Which ...

Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - ANSWER--a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) types of mutual insurer...

Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - ANSWER--a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) types of mutual insurer...

Fundamentals to Insurance Chapter 1 Intro Questions and Answers 100% CorrectFundamentals to Insurance Chapter 1 Intro Questions and Answers 100% Correct List the 5 functions of insurance: - ANSWER-1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - ANSWER-1) insurance provides a means of shifting ones financial responsibility f...

RMI 211 Exam 2 Review Correct Questions and Types of Private Insurers - ANSWER Stock Insurers Mutual Insurers Reciprocal exchanges Lloyd's of London Blue Cross Blue Shield plans Health maintenance organizations (HMOs) Stock Insurers - ANSWER Owned by Stockholders, publicly traded and goal is to profit shareholders Mutual Insurers - ANSWER Owned by policyholders, and goal is to be there for their policy holders Fraternal Insurer - ANSWER insures members of a private nonprofit organ...

Three types of Insurance Company and Management Stuctures - 1. Stock Insurance Company 2. Mutual Insurance Company 3. Reciprocal Stock Insurance Company - an incorporated insurance company owned by STOCKHOLDERS the stockholders elect the corporation's board of directors stockholders may or may not be policy holders What is the objective of a Stock Insurance Company? - To make a profit for its stockholders Profits may be shared by forms of stock dividends or increase in stock value Chara...

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...

Principal of Indemnity insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss indemnification compensation for loss Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More legal contracts must have: agreement, consideration, competent parties, legal purpose 6 special characteristics of insurance contracts personal adhesion utmost good ...