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5 Cards in this Set
- Front
- Back
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Stock Insurance Company
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A stock company is owned by stockholders or shareholders.
Stockholders receive taxable corporate dividends as a profit. Dividends are not guaranteed. |
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Mutual Insurance Company
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Owned by policyholders. A Board of trustees or directors directs the company operations.
Dividends are not guaranteed. |
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Reciprocal Insurance Company
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A group owned insurer whose main activity is risk sharing.
Is unincorporated, and formed by individuals, firms, and business corporations that exchange insurance on one another. Each subscriber assumes a part of the risk. |
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Lloyds of London
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Is not a insurance company, but consists of groups of underwriters called syndicates, each of which specializes in insuring a particular type of risk.
Members are individually liable for each risk they assume. |
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Risk Retention Group (RRG)
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A group owned insurer that primarily assumes and spreads the liability related risk of it members.
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