AINS 101 Exam Questions And Answers. Verified and Updated.
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AINS 101
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AINS 101
AINS 101 Exam Questions And Answers.
Verified and Updated.
Insuring individuals with a high probability of loss at a cost lower than the insurer would
normally charge for that risk because it wasn't aware of the actual risk involved is known as -
answerAdverse selection
A risk control evaluati...
EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM AINS 101 Exam Questions And Answer s. Verified and Updated. Insuring individuals with a high probability of loss at a cost low er than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved is known as - answer✔✔Adverse selection A risk control evaluation can make the difference between the applicant's being rejected or accepted by the underwriter. - answer✔✔True Risk control representatives are responsible for compiling all the information required for a premium audit. - answer✔✔False Risk control personnel are responsible for answering any complex questions that insureds have about pre mium audits. - answer✔✔False Risk control representatives compile detailed data for the actuarial department to use in establishing rates. - answer✔✔False Clare is a commercial lines underwriter. She always tries to follow underwriting guidelines, effectiv ely evaluate loss exposures, and charge adequate premiums. By doing these things, Clare's goal is to ensure - answer✔✔Adequate policyholders' surplus. Aimee recently accepted a job in the Underwriting department at Noble Insurance Company. Her responsibili ties will include developing coverage forms, arranging reinsurance agreements, and conducting underwriting audits. Which one of the following is the title of Aimee's new job? - answer✔✔Corporate Underwriter Jill works in the field for Goshen Mutual as a li ne underwriter. Which one of the following is primarily a responsibility of line underwriters? - answer✔✔Select insureds Anna is assessing a grocery store chain with a good maintenance record but frequent minor liability claims. She aims to adjust their co verage to benefit both the insurer and the insured. What should she suggest? - answer✔✔Propose the general liability coverage at a lower premium level, but apply a small deductible. What is the first step in the underwriting process? - answer✔✔Evaluate the submission What is the fundamental measure of loss exposure used in insurance rating - answer✔✔Exposure unit
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