• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/27

Click to flip

27 Cards in this Set

  • Front
  • Back
Function of Underwriting
Evaluate applications, select rating factors, policy terms and conditions.
Private Insurers
3 Types –Stock, Mutual, Reciprocal
Self-Funding
Retaining all or part of the risk
Reinsurance
Companies share the risk and premiums
Marketing Distribution
4 Systems – Direct Writing, Direct Mail, Exclusive Agents, Independent Agencies
Investigative Agencies
5 areas – Personal Interviews, MIB, DMV, Financial Reports, Physician Statements
Agent
Works on behalf of a company for an insured.
Broker
Works on behalf of an insured for a company.
MGA Managing general Agent
Works with agents and is appointed with many companies.
Solicitor
Works for an employer, selling insurance under an agent.
Fire & Casualty Licensee
Licensed to transact Hazard insurance and Liability policies including Health and Disability insurance
Personal Lines Licensee
Cannot transact Health Disability or Commercial.
Adjuster
Assists in settling claims either for a company or for an insured
Non-Admitted/Admitted
Not authorized to transact business in CA, except through a
Surplus. Lines broker.
Alien/Foreign/Domestic
Organized under laws of another country/another state/CA.
Surplus Lines and Special Surplus Lines
Only transact for non-admitted/brokers who transact railroad, aircraft, shipowners coverage, etc.
Inactive License
No Notice of Appointment on file, but all fees and CE units are up to date
Fiduciary
Handles affairs and funds of others.
CE Unit requirements
Continuing Education is: First 4 yrs=25 units each year. 3rd renewal
CIC & CCR’s
California Insurance Code & California Code of Regulations
Departments in an Insurance Company
4 areas – Marketing, Sales, Underwriting, Actuarial
Commissioner
Elected by the citizens to administer, interpret and enforce the code.
CSGA
California State Guaranty Association
Rating Laws
4 types – Prior Approval, File & Use, Use & File, Open Competition
ISO
Insurance Service Office
Subrogation
Insured gives up the right to sue the 3rd party and the company does it for them
Arbitration
Mediator that helps settle disputed claims.