Property and Casualty Insurance License Exam Cram™

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 ...