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Class 4 - Types

Math 3620 - Class 4 - Types of Insurers & Marketing Systems

QuestionAnswer
Types of Insurances -Life & Health Insurance -Property & Casualty Insurers -Stock Insurer -Mutual Insurer
Life & Health Insurance These insurers sell life & health insurance products, annuities, mutual funds, pension plans, & related financial products
Property & Casualty Insurers These insurers sell property & casualty insurance & related lines, including inland marine coverages & surely & fidelity bonds
Types of Private Insurers -Stock insurers -Mutual insurers -Reciprocal exchanges -Lloyd's of London -Blue & cross & blue shield plans -Health maintenance organizations (HMO's) -Others
Stock Insurer Corporation owned by stockholders that's objective is to earn profit for stockholders by increasing the value of stock & paying dividends
Facts about stock insurer -Stockholders elect board of directors -Stockholders bear all losses up to level of investment but have limited liability -Insured cannot issue assessable policy -CAN raise capital by selling more shares of stock (ownership)
Mutual Insurer Corporation owned by the policy owners -Can NOT raise capital by selling more shares of stock
How is the corporate structure of Mutual Insurers changing? -An increase in company merges -Demutualization, whereby a mutual company is converted into a stock insurer -The creation of mutual holding companies -A holding company is a company that directly or indirectly controls an authorized insurer
Reciprocal Exchange An unincorporated organization in which insurance is exchanged among the members (called subscribers)
Created by: killerkite
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