Actuarial Department

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What is the role of the Actuarial Department?

Back

The department that calculates policy rates, reserves, and dividends.

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Adjuster

Back

The person who investigates claims and arranges for them to be settled or denied

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Alien Insurer

Back

In the U.S., this is an Insurer whose principal office and domicile location is outside of the country

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Admitted Insurer

Back

This is an insurer who has received a certificate of authority from a state’s department of insurance which authorizes them to conduct insurance business in that state.

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Agent

Back

This is an individual or organization that’s authorized to solicit, sell, and transact (bind) coverage for specific insurance providers under the terms of one or more agent contracts.

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Authorized Insurer

Back

This is an admitted insurer

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Broker

Back

This is a person who represents himself and the insured (i.e., the client or customer). A broker cannot bind coverage on behalf of an insurance carrier because a broker is not appointed as an agent

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Captive Insurer

Back

This is an insurer that’s established and owned by a parent firm for the purpose of insuring the parent firm’s loss exposure

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Certificate of Authority

Back

This is a license that’s issued to an insurer by an insurance department (or equivalent state agency) that authorizes that company to conduct insurance business in that particular state

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Claims Department

Back

This is the department that’s responsible for processing, investigating, and paying claims