Wisconsin Life Insurance Exam
Stock insurer - ✔✔- Owned by stockholders/shareholders
- Pays taxable dividends to shareholders if a profit is
made -Issues nonparticipating policies (non-PAR)
Mutual Insurer - ✔✔- An insurer that is owned by its policyholders
- If company is profitable, excess premiums are returned as non-taxable dividend
-Issues participating (Par) policies
Fraternal Benefit Societies - ✔✔-Life or health insurance companies formed to provide insurance for members of an affiliated lodge, religious organization, or fraternal organization with a representative form of government.
- Members are certificate holders
- Members can acquire additional charges if premiums are not sufficient enough to meet claims
Reciprocal Insurers - ✔✔-Unincorporated groups of people that provide insurance for one another through individual indemnity agreements
- Ran by an attorney-in-fact
- Members are assessed the amount they have to pay if loss occurs to any member of the group
Risk Retention Group - ✔✔-A liability insurance company owned by its members, which are exposed to similar liability risks by virtue of being in the same business or industry. e.g. car dealers or butchers
Lloyd's Associations - ✔✔-Insurance provided by individual underwriters not companies
- Commonly insures things such as hole-in-one contests, celebrity body parts, etc.
Self-insurance - ✔✔-A special form of planned retention by which part or all of a given loss exposure is retained by the firm
- / 1
Download at gaviki.comDownload at gaviki.com