There are three major classifications of captives: owned, rented, and group. False. A group captive has multiple parents but one of these owners could also be the insured. Thus a group can either be an owned or rented captive - the two major classifications of captives.
True. There are three main types of finite risk contracts: 1) loss portfolio transfers, 2) prospective aggregate contracts, and 3) retrospective aggregate contracts. whats an advantage of purchasing insurance from an admitted, local insurer relative to a non-admitted insurer?