lesson 1

Front

This is the department that calculates policy rates, reserves, and dividends.

Back

Actuarial Department

Front

This is the person who investigates claims and arranges for them to be settled or denied.

Back

Adjuster

Front

In the United States, this is an insurer whose principal office and domicile location is outside this country.

Back

Alien Insurer

Front

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.

Back

Admitted Insurer

Front

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.

Back

Agent

Front

This is an admitted insurer.

Back

Authorized Insurer

Front

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.

Back

Broker

Front

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

Back

Captive Insurer

Front

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.

Back

Certificate of Authority

Front

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

Back

Claims Department