Some investors decided to start an insurance company. Each investor contributed 50,000 to raise the capital required to charter a new company. Each investor received an ownership interest in the company.
The company will raise additional capital by selling ownership rights to other investors. Under this type of organization, the customer and owner functions are separate. This type of insurer is called a
A) stock company.
B) reciprocal exchange.
C) fraternal company.
D) mutual company.
Question 2
Which of the following statements about Blue Cross and Blue Shield plans is (are) true?
I. Blue Cross and Blue Shield plans can be organized on a nonprofit basis or on a for-profit basis.
II. Blue Cross provides coverage for hospital services; Blue Shield provides coverage for physicians' and surgeons' fees.
A) I only
B) II only
C) both I and II
D) neither I nor II
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