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12 Cards in this Set
- Front
- Back
Government Insurers (Social Insurance) |
Non profit Mandatory participation Designed to meet needs of the public Gov't had monopoly |
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Private Insurers |
Based on consumer preferences Offer variety of products Typically for profit Insured voluntarily participate |
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Stock Insurance Companies |
Always for profit Public traded Stockholders provide capital "Non-participating insurers": no dividends go to policyholders unless they hold stock on the company |
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Mutual Insurance Companies |
Owned by policyholders Policyholders elect board of directors "Participating insurers": Policyholders participate in profit |
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Re-Insurer |
Provides insurance for other insurers |
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Reciprocal Insurer |
A group of people or organizations that insure each other Unincorporated Non-profit Operated by an attorney in fact Member pay into individual accounts Cost of claims shared by the whole group |
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Fraternal Benefit Societies |
Consist of people with similar religions, ethnicities, or occupations. Non- profit, mutual aid organizations Provide some types of insurance to its members Participates in charitable efforts |
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Captive Insurers |
Created by businesses to retain risks. Exist only to provide coverage for their "parent" company. Not permitted in all states. |
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Risk Retention Groups (RRG) |
Similar to a captive insurer Authorized by the Federal Liability Risk Retention Act of 1986 Provide commercial liability insurance Do not have to be licensed in multiple states |
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Domestic Insurer |
Located in a particular state; abides by state law |
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Foreign Insurer |
Obeys a state's or U.S. laws, but can be located elsewhere. |
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Alien Insurer |
Obeys laws of another country |