Insurance Terms and Definitions: A Comprehensive Guide, Quizzes of Credit and Risk Management

Download Insurance Terms and Definitions: A Comprehensive Guide and more Quizzes Credit and Risk Management in PDF only on Docsity! TERM 1 life and health insurers DEFINITION 1 1179 of themvariety of health and life insurance, annutites, mutual funds, pension plans and other financial related products TERM 2 property and casualty insurers DEFINITION 2 2749property and casualty insurers and related linessecurity and fidelity bonds TERM 3 stock insurer DEFINITION 3 a corporation owned by stockholdersobjectie: earn profit for stockholdersstockholders pay lossstockholders share profits TERM 4 mutual insurer DEFINITION 4 coroporation owned by policy ownerspolicy owners elect board of directors, who have effective managment control TERM 5 lloyds of london DEFINITION 5 not an insurer, but a society of members who underwrite insurance syndicates TERM 6 blue cross and blue shield DEFINITION 6 organized as non profit, community oriented plansblue cross- -procide coverage primarily for hospital feesblue shield-- coverage for physicians and surgeon feeshmo and ppofew have become for profit states TERM 7 Health managment organization (HMO) DEFINITION 7 provides comprehensive health care services to its membersprovide broad health care services to its memberscost control is emphasizedchoice of health care providers may be restrictedless costly forms are treatment are often provided TERM 8 agent DEFINITION 8 someone who legally represents the principal and has authority to act on the principals behalf TERM 9 property and casual agent DEFINITION 9 has ability to bind the insurer TERM 10 life insurance agent DEFINITION 10 doesnt have the authority to bind the insurer