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LIFE ACCIDENT AND HEALTH INSURANCE
MISSISSIPPI
WITH CORRECT SOLUTIONS.
- private insurers
- government insurers - correct answer- 2 types of entities
providing insurance today
- stock insurance companies
- mutual insurance companies - correct answer- the 2 largest
types of commercial insurance companies
Stock insurance companies - correct answer- owned by stockholders, these companies dividends, when declared, to their stockholders. have minimum capital requirements and are governed by a board of directors elected by their stockholders
Mutual insurance companies - correct answer- owned by their policy owners; have no stockholders. have minimum capital requirements and are governed by a board of directors. pay policy dividends to holders.
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Demutualization - correct answer- the lengthy and complex process of a mutual insurance company transforming into a stock insurance company
Medical Care service Providers - correct answer- example HMO and PPO. they blend characteristics of commercial insurance companies and medical care providers
fraternal benefits society - correct answer- an organization composed of individuals who typically share a common ethnic or religious affiliation. have no stock, a rep form of government, not for profit, operate on a lodge system. May provide insurance to their members. primary life insurance and annuity products only available to members
Home service companies - correct answer- unique distributer of industrial life insurance. typically insurance agent meets the policy holder to collect the premium giving it its name for its service provided
industrial life insurance - correct answer- traditionally offered as "burial insurance", offers individual coverage in small face amounts, usually less than $10,000. generally require no medical exam to qualify.
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