Vocab words chapter 1

An admitter or authorized insurer is an insurer who has receiver a certification of authority from a state's department of insurance authorizing them to conduct insurance business in that state.

• admitted insurer

• broker

• captive insurer

• certificate of authority

The ________ calculates policy rates, reserves, and dividends

• Alien Insurer

• Actuarial Department

• Admitted Insurer

• Broker

An _______ in the United States is an insurer whose principal office and domiciled location is outside the country.

• Admitted Insurer

• Captive Insurer

• Alien Insurer

• Domestic Insurer

A _____ represents themselves and the insured (i.e., the client or customer).

• Captive Insurer

• Alien Insurer

• Admitted Insurer

• Broker

A ________ is an issuer established and owned by a parent firm for the purpose of insuring the parent firm's loss exposure

• Domestic Insurer

• Captive Insurer

• Foreign Insurer

• Industrial Insurer

A ________ is a license issued to an insurer by a department of insurance (or equivalent state agency), which authorizes that company to conduct insurance business in that particular state

• Claims Department

• Certificate of authority

• Divisible Surplus

• Fraternal benefit Society

The ________ is responsible for processing, investigating, and paying claims

• Claims Department

• Domestic surplus

• Claims surplus

• insurance

_______ is the amount of earnings paid to policyowners as dividends after the insurance company sets aside funds required to cover reserves, operating expenses, and general business purposes.

• Domestic Insurer

• Divisible Surplus

• Foreign insurer

• none

____________ are nonprofit benevolent organizations that provide insurance to its members

• Fraternal Benefit Society

• Industrial Insurer

• Insurance

• Insured

______ make up specialized branch of the industry, primarily providing policies with small face amounts with weekly premiums. Other names for industrial insurers include home service or debit insurers.

• Insurer

• Insured

• Industrial Insurer

• Insurance