Louisiana Prep Review Course L

The business of selling insurance for a profit commercial insurance offer many lines of insurance so it's also called multiline insurance

Are organized Incorporated and the state laws making a profit for it's shareholders stock Insurance of Home non-participated Insurance because policy holders do not participate in receiving dividends and is paid to the shareholders

Are on by their policy holders Mutual Insurance are known as participating insurers because policy hold this participate in receiving dividends and electing the board of directors

If a company operates both a participating in our position waiting insure dividends can never be guaranteed regardless of type of insurance offering them

Operates based on Lost sharing by group members no premium is payable in advance instead each member is success as an individual portion of loss that occur

George's a premium at the beginning of the policy if the original premium succeed the operating expense in losses the Surplus is returned to the policyholder as dividends

Or a special type of mutual company non-profit religious ethnic or charitable organizations that provide insurance so to their members

Call Mutual companies formed by a group of people in the same industry of the fish

Also benefits to subscribers in return for payment of a premium please services are packaged into various plans and those who purchase are known as subscribers

Or any Incorporated groups of individual members that provide for other members through indemnity contracts

Make arrangements with other insurance companies to transfer a portion of various to the reinsurance

The insurance company that transfers is lost exposure to another insurer

And insure established and owned by parent company to ensure the parent companies lost exposure

Also individual insurance is so by Home Services are debit life insurance companies face amounts of small usually $1,000 and 2,000

Federal and state government that provides social insurance programs to protect against Universe by redistrative income to help people cannot afford the cost of Insurance Plus themselves

Social Security Medicare Medicaid s t l i n g l i and Tricare

Provide income for the elderly retirement Survivor of those two died young their children and those qualifying for federal disability

Health insurance coverage for the elderly

Group life insurance for active and retired members of the military

Health insurance for members of the military and their families

Retained risk and must have large numbers of similar risk in enough Capital to pay claims self-insurance are not a method of transferring risk rather self-insurance established their own self fund plan to cover potential losses

A plan and wishing employee pays insurance benefits for a fun derived from the employer's current revenues

Members of the association form syndicates to underwrite and Ensure black coverage this is a group of investors who share in unusual risk

Distribution Systems career agency systems personal producing General agency systems independent agency systems managerial systems Mass marketing

The ways Insurance products are marketed and sold to the public ensure can be purchased through license insurance producers who are either agents or Brokers or through a number of other ways

With the career agency system Commercial Insurance established offices in certain locations career agents are recruited to work at these locations

With the personal producing agency ppga system agents work for an independent agency selling policies from several insurance companies

Independent agents represent a number of insurance companies under separate contractor agreements

Within the managerial system branches office or established in several locations instead of a general agent running the agency a salary Branch manner is employed by the insurer

Direct selling or direct mail is a mass marketing method where agents are not used instead policies on marketed and sold through television and radio advertisements print sources found in newspapers and magazines by mail and vending machines in over the internet

The insurance industry is primary regulated on a state by state basis with minimum federal oversights the primary purpose of this regulation is promote public welfare and provide consumer protection and ensure Fair Trade Practices contracts and prices

The US Supreme Court ruled that the insurance company crossing state lines are not interstate commerce

To the states to regulate insurance

Rule that insurance transaction across the state line for Interstate Commerce and are subject to a Federal Regulation

States that while the federal government has authority to regulate the insurance industry it would not exercise it right if the insurance industry was regulated effectively and adequately on the state level

Provides individual privacy protection and fair and accurate credit reporting insurance companies are required to notify applicants if a credit check will be made on them

This love repeals the glass beagle Act this allows Banks retail Brokers and insurance companies to enter each other's line of business

Unity and strengthening America by providing appropriate to required to intercept and obstruct terrorism

Insurance calls are not exempt from the no not call registry

Represent one of the significant regulatory overhauls and expansion of coverage in the united US history

Is an organization composed of insurance Commissioners from all 50 states the District of Columbia and four US territories they are responsible for recommending appropriate laws and regulations

Number one to encourage uniformity in State insurance laws and regulations number two to assist in the administration of those laws and regulations by promoting efficiency number three to protect the interest of policy owners and consumers and number four to preserve the state regulation of insurance businesses

The code specified certain words and phrases that are considered misleading and are not to be used in advertising of any kind

Is Chief Financial Officer the power to investigate insurance companies and producers to impose penalties in addition to that the ACT gives offices the authority to seek a court injunction to restrain insurance for using any method believed to be unfair

Members of this organization are life and health agents dedicated to supporting the industry and advancing the quality of service provided by Insurance professionals

Some of these standards and ethics are selling to needs suitability of recommended products full and accurate disclosure documentation Client Services buyer's guide and policy summary

Ages must first determine this consumer needs then determine which policy if it's their needs best

And ethical agent must be able to access the correlation between a recommended product and the consumer needs

And ethical agent must inform consumers of the benefits and limitations of recommended products

And ethical agent must document each class meeting and transaction

And it can go agent should know that a sale does not Mark the end of a relationship but rather the beginning of the relationship

Each state requires ages to deliver a buyer's guide to Consumers that explain various types of life insurance products and other information on the recommended policy

Helps consumers evaluate the suitability of the recommended product

Or an accounting measure of an insurance future obligation to its policy others they are classified as liabilities on the insurance companies accounting statements since they must be settled at a future date

And ensures ability to make unpredictable payouts to policy owners

Or established by all states to support insurance and protect consumers in case and ensure becomes insulting they like health and healthy guaranteed Association provide a safety net for all members Life Health and annuities insured in a particular state

Credit rating agency that rate upgrade the financial strength and stability of the insurance based on claims reserves and company profits