Insurers and Agent's Authority Flashcards

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Flashcards about Insurers and Agents Authority

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5 Terms

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Stock Insurers

Owned by stockholders; issue nonparticipating policies (nonpar)

2
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Mutual Insurers

Owned by policyowners (policyholders); issue participating policies (par); pay dividends to policyholders which are a refund of excess premiums; not for profit organization

3
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Fraternal Benefit Society

Not an insurer; formed to provide insurance benefits for members of an affiliated lodge, religious organization, or fraternal organization

4
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Express Authority

Powers specifically stated in the contract

5
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Implied Authority

Not specifically stated in the contract, but is assumed necessary to conduct business