What is considered the accounting measurement of an insurance company's future obligations to its policyowners?
Reserves
Which of the following is a syndicate established by a group of insurers to share underwriting duties?
Lloydes Organization
Who regulates an insurer's claim settlement practices?
State insurance departments
Which of the following outlines the authority given to the Producer on behalf of the insurer?
Producer contract
A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n)
attorney-in-fact
Which of the following types of insurers limits the exposures it writes to those of its owners?
Captive Insurer
Dividends from a mutual insurance company are paid to whom?
Policy Holders
Which of the following accurately describes a participating insurance policy?
Policyowners may be entitled to receive dividends
An agent's authority to bind an insurer to an insurance contract may be granted in the
agent's contract and the insurance company's appointment
Which group is the Do Not Call Registry designed to protect against?
Telemarketers
What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed?
Treaty reinsurance
A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a
risk retention group
Dividends from a stock insurance company are normally sent to
Stockholders
Which of the following financial products creates an instant estate, no matter when the date of death?
Life Insurance