RMIN 4000 Test 2 Daniel Brown Questions and Answers Solved 100%
8 views 0 purchase
Course
RMIN 4000 Daniel Brown
Institution
RMIN 4000 Daniel Brown
Actual Cash Value - Replacement Cost-Depreciation
Actuary - A person who uses complex statistical methods and technology to analyze loss
and other data to determine rates and premiums.
Brokers - represent policyholders to arrange coverage with syndicates. Legally represents
insured.
Ceding Com...
RMIN 4000 Test 2 Daniel Brown Actual Cash Value - Replacement Cost -Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and damages, and settling the claim. Depreciation - Age/Useful Life Direct Response - Insurer sells directly to the consumer by television or some other media. Direct Writer - An insurer in which the salesperson is an employee of the insurer, not an independent contractor. Exclusive Agency - Agent represents only one insurer or group of insurers under common ownership. Lower commission paid agents on renewal of business rather than new business. Expense Provisions (Load) - Amount needed to pay future expenses (acquisition, overhead, premium taxes). Exposure Unit - Units of Measurement used in pricing Facultative Reinsurance - Reinsurance that is transacted on an individual risk (ex. large factory) where the primary insurer cedes the individual risk to the reinsurer. File-and-use - Rates must be filed with the state, but can be used immediately. First Party Claim - Claim submitted by the insured to the insurer. Insurer makes claims payment to the insured. Gross Premium - Gross Rate x No. of Exposure Units Group Insurance Marketing - Methods to sell individual insurance policies to: Employer groups, Labor unions, Trade associations Independent Adjustors - Individual or organization what adjusts the claim for a fee. (Very common after catastrophes.) Independent Agency - Usually represents several unrelated insurers. Commission paid agents. Insurance Agent - Someone who legally represents the principal (insurance company) and has the authority to act on the principal's behalf (Company's Legal Representative). Insurance Binders - Provide temporary insurance until the policy is actually written.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
