Chapter 3. Insurance Company Organization and Regulation

Terms you'll need to understand:

  • Stock insurer

  • Mutual insurer

  • Assessment company

  • Reciprocal insurer

  • Lloyd's Association

  • Fraternal benefit society

  • Risk retention group

  • Purchasing group

  • Insurance agent

  • Countersignature

  • Express authority

  • Implied authority

  • Apparent authority

  • Insurance solicitor

  • Insurance broker

  • Admitted or authorized insurer

  • Nonadmitted or unauthorized insurer

  • Domestic insurer

  • Foreign insurer

  • Alien insurer

  • Twisting

  • Rebating

  • Producer

  • Consultant

  • Loss costs

Concepts you'll need to master:

  • Lines of insurance

  • Agency relationship

  • Rate filings

  • Self-insurance

  • Government insurers

  • Residual insurance markets

  • Personal lines

  • Commercial lines

  • Field underwriting

  • Exclusive or captive agency

  • Direct writer system

  • Direct response ...

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