116388
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
over 12 years ago
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| Question | Answer |
| Direct Response | Marketing system where sales are made WITHOUT face to face meeting with prospect and salesperson. example: telemarketing |
| Managing General Agent (MGA) | Principal authorizes MGA to handle parts or all parts of insurers business in a given territory. |
| (memorize) MGA acts as an agent and produces and underwrites gross direct written premium equal to or more than 5%. | (memorize) MGA acts as an agent and productes and underwrites gross direct written premium equal to or more than 5%. |
| (memorize) MGA adjusts or pays claims in excess of an amount determined by the commissioner. | (memorize) MGA adjusts or pays claims in excess of an amount determined by the commissioner. |
| (memorize) MGA negotiates and binds ceding insurance on behalf of the insurer. | (memorize) MGA negotiates and binds ceding insurance on behalf of the insurer. |
| Home Service | distribution system in which an agent collects premiums and provides service at policy owners home within and assigned territory. |
| Non-insurance Sponsors | Companies that are not insurers and doesn't normally send insurance products. |
| Distributing Systems | 1. Agency 2. Direct Response 3. MGA 4. Home Service |
| Agency | Principle=Company Principal appoints agents. Each party is deemed to know the same knowledge. |
| Exclusive (Captive) | Agent appointed by ONE company. Can only sell ONE companies products. |
| Independent | Agent that can sell multiple companies products. |
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