Vocab words chapter 1

Vocab words chapter 1

Professional Development

31 Qs

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Vocab words chapter 1

Vocab words chapter 1

Assessment

Quiz

Business

Professional Development

Hard

Created by

Kaylee Hodge

Used 1+ times

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31 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ________ calculates policy rates, reserves, and dividends

Alien Insurer

Actuarial Department

Admitted Insurer

Broker

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Captive Insurer

Alien Insurer

Admitted Insurer

Broker

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Claims Department

Domestic surplus

Claims surplus

insurance

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