Term
| Definition of Domestic Insurer |
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Definition
| Principle or home office is in a state where it's authorized. |
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Term
| Definition of Foreign Insurer |
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Definition
| One that is authorized in one State but it's charter or principle office is in another State. |
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Term
| Definition of Alien Insurer |
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Definition
| One which is authorized in any Stat within the US but it's principle office is located outside this country. |
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Term
| Definition of Mutual Company |
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Definition
| One which is "owned" by it's policyholders and is incorporated without capital stock. |
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Term
| Definition of Stock Company |
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Definition
| One owned by it's stockholders. |
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Term
| Definition of Fraternal Association |
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Definition
| Benevolent societies or social organizations which provide insurance only for their members. |
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Term
| Definition of a Reciprocal |
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Definition
| Unincorporated organization in which members insure one another. Managed by attorney in fact. |
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Term
| Definition of Reinsurance |
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Definition
| The transfer of risk from one insurance company to another. |
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Term
| Definition of Captive Agent |
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Definition
| Captive Agent is bound only to place insurance business with the insurer who sponsors him or her |
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Term
| Definition of Express Authority |
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Definition
| "Written" authority an agent possesses which is contained in the agent contract or agreement. |
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Term
| Definition of Implied Authority |
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Definition
| "Unwritten" authority that is an extension of an agent's regular duties. |
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Term
| Definition of Apparent Authority |
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Definition
| Public perceives the agent possesses based on his or her actions. |
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