Introduction to Insurance Flashcards
(6 cards)
1
Q
stock insurance companies
A
generally sell nonparticipating policies. is an incorporated insurer that divides its capital into shares, which are owned by stockholders.
2
Q
mutual insurance companies
A
generally sell participating policies. is an incorporated insurer without permanent stock, and is owned by policyholders.
3
Q
reciprocal insurer
A
an unincorporated group of subscribers who provide reciprocal insurance among themselves.
4
Q
Insurance Code
A
body of laws at STATE level
5
Q
Statutes
A
body of laws developed by the legislation branch of govt
6
Q
Rules & Regulations
A
developed by the Dept of Insurance to expand upon statutory requirements and legislative intent
