Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Government Insurers (Social Insurance) |
Non profit Mandatory participation Designed to meet needs of the public Gov't had monopoly |
|
|
Private Insurers |
Based on consumer preferences Offer variety of products Typically for profit Insured voluntarily participate |
|
|
Stock Insurance Companies |
Always for profit Public traded Stockholders provide capital "Non-participating insurers": no dividends go to policyholders unless they hold stock on the company |
|
|
Mutual Insurance Companies |
Owned by policyholders Policyholders elect board of directors "Participating insurers": Policyholders participate in profit |
|
|
Re-Insurer |
Provides insurance for other insurers |
|
|
Reciprocal Insurer |
A group of people or organizations that insure each other Unincorporated Non-profit Operated by an attorney in fact Member pay into individual accounts Cost of claims shared by the whole group |
|
|
Fraternal Benefit Societies |
Consist of people with similar religions, ethnicities, or occupations. Non- profit, mutual aid organizations Provide some types of insurance to its members Participates in charitable efforts |
|
|
Captive Insurers |
Created by businesses to retain risks. Exist only to provide coverage for their "parent" company. Not permitted in all states. |
|
|
Risk Retention Groups (RRG) |
Similar to a captive insurer Authorized by the Federal Liability Risk Retention Act of 1986 Provide commercial liability insurance Do not have to be licensed in multiple states |
|
|
Domestic Insurer |
Located in a particular state; abides by state law |
|
|
Foreign Insurer |
Obeys a state's or U.S. laws, but can be located elsewhere. |
|
|
Alien Insurer |
Obeys laws of another country |
