Authorized insurer means an insurer that is authorized by the [State entity for regulating insurance] to write insurance under a certificate of authority issued by the [State entity for regulating insurance] to transact insurance in this State.
Which of the following is the most precise synonym for an admitted insurer?
Life and health
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|Which of the following is the most precise synonym for an “authorized” insurer?||Admitted|
Who is referred to as insurer and insured?
As mentioned earlier, the ‘insurer’ is the one calculating risks, providing insurance policies, and paying out claims. The ‘insured,’ on the other hand, is the person (or people) covered under the insurance policy.
Which of the following terms is associated with a mutual insurer becoming a stock insurer?
Which of the following terms is associated with a mutual insurer becoming a stock insurer? – When a mutual insurer becomes a stock company, this is called “de-mutualization.”
Which of the following is the basis for a claim against an insurance policy?
Which of the following is the basis for a claim against an insurance policy? … Damage to a third-party property for which the insured is legally liable.
10 Common Insurance Terms
- Adjuster. A claims or insurance adjuster is employed by or acts on behalf of an insurance company to examine, evaluate and settle insurance claims. …
- Certificate of Insurance (COI) …
- Claim. …
- Declaration Page. …
- Deductible. …
- Liability Coverage. …
- Peril. …
What is insurance one word?
1 : an agreement by which a person pays a company and the company promises to pay money if the person becomes injured or dies or to pay for the value of property lost or damaged. 2 : the amount for which something is insured. 3 : the business of insuring persons or property.
What are special terms in insurance?
‘Special terms’ may be imposed by an insurer in order to reduce the perceived risk. This is when you are offered insurance but not on the standard terms they would normally offer.
Which of the following best details the underwriting process?
Which of the following best details the underwriting process for life insurance? The underwriting process is accomplished by reviewing and evaluating information about an applicant and applying what is known of the individual against the insurer’s standards and guidelines for insurability and premium rates.
Which of the following best describes fixed period settlement option?
Which of the following best describes fixed period settlement options? Both the principal and interest will be liquidated over a selected period of time. Under the fixed period option (also called period certain), a specified period of years is selected, and equal installments are paid to the recipient.
Which of the following is another term for the accumulation period of an annuity?
Pay in period *The accumulation period is also known as the pay-in period. It is the period of time over which the annuitant makes payments (premiums) into an annuity. D. Level Term *A 20-year term policy is written to provide a level death benefit for 20 years.