Term
An insurer that is chartered in the State of New Jersey and is authorized in Connecticut is reffered to in the latter State as which of the following?
A.) Domestic Insurer
B.) Foreign Insurer
C.) Alien Insurer
D.) Nonadmitted Insurer |
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Definition
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Term
An authorized company whose principal office is located in this State operates in this state as:
A.) A domestic company
B.) A foreign company
C.) An alien company
D.) A nonadmitted company |
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Definition
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Term
An insurer owned by it's policyholders best describes?
A.) A stock company
B.) A mutual company
C.) An alien company
D.) A reciprocal company |
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Definition
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Term
A reciprocal is managed by which of the following?
A.) A branch manager
B.) A company officer
C.) A fraternal
D.) An attorney-in-fact |
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Definition
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Term
Fraternals offer various types of insurance programs for which of the following?
A.) For those who cannot obtain standard coverage
B.) For those over age 65
C.) For their members only
D.) For labor unions and their members |
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Definition
| C.) For their members only |
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Term
Insurance rating services analyze insurers based upon all of the following criteria, EXCEPT?
A.) Personnel practices
B.) Expense ratios
C.) Product mix
D.) Insurer reserve adequacy |
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Definition
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Term
An agent generally represents which of the following?
A.) The insured
B.) The insurer
C.) A service representation
D.) The Department of Insurance |
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Definition
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Term
A legal relationship between two parties when one of the parties acts on behalf of another is known as:
A.) Authority
B.) Agency
C.) Fiduiciary Capacity
D.) Declaratory |
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Definition
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Term
Which of the following types of authority is an extension of an agents regular duties?
A.) Express
B.) Implied
C.) Apparent
D.) Warranted |
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Definition
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Term
The total premium is a combination of earned premium and:
A.) Net Premium
B.) Gross Premium
C.) Annual Premium
D.) Unearned Premium |
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Definition
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Term
| Name Methods of Managing Risk |
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Definition
1.) Avoidance
2.) Retention
3.) Transfer
4.) Sharing
5.) Reduction
6.) Prevention |
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