General Insurance
What distinguishes a fraternal benefit society from a commercial insurer?
Answer and explanation
Answer: D. A fraternal is a nonprofit membership organisation with a lodge or representative form of government, writing benefit certificates for its members and their families. It is still subject to solvency oversight and has no shareholders to whom profits go.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, fraternal benefit societies
More general insurance questions
- What is a waiver in the context of an insurance contract?
- What is adverse selection in insurance?
- What is an agent's express authority?
- What is concealment in the formation of an insurance contract?
- What is the relationship between the ceding insurer and the reinsurer?
- What makes an insurance policy a conditional contract?
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