Xcel Solutions In Life Insurance Final Exam

Reserves {Ans: Accounting measurement of an insurer's future obligations to its policyholders.}Lloyd's of London {Ans: not an insurer, but a society of members who underwrite insurance in syndicates}Medicaid {Ans: A federal and state assistance program that pays for health care services for people who cannot afford them.}Fraternal Benefit Societies {Ans: Life or health insurance companies formed to provide insurance for members of an affiliated lodge, religious organization, or fraternal organization with a representative form of government.}Career Agency System {Ans: Agents are recruited, trained and supervised by either a managing employee or General Agent who is contracted with the insurance company.}Reinsurer {Ans: the insurer that accepts the insurance from the ceding company to assume all or a portion of its risk.}Strong Assessment Mutual/Insurers {Ans: Assessment mutual companies are classified by the way in which they charge premiums}Captive Agent {Ans: an insurance agent who represents only one insurance company and who is, in effect, an employee of that company}Advertising Code {Ans: the code specifies certain words and phrases that are considered misleading and are not to be used in advertising of any kind}NAIFA {Ans: - National Association of Insurance and Financial Advisors