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AU 60 FINAL EXAM ACTUAL EXAM 2 VERSIONS AND PRACTICE QUESTIONS EXAM COMPLETE QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) GRADED A+$9.99
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AU 60 FINAL EXAM ACTUAL EXAM 2 VERSIONS
AND PRACTICE QUESTIONS EXAM COMPLETE
QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) GRADED A+
Which one of the following statements is true regarding how advancements in
technology have changed the commercial insurance underwriter's job?
A
The underwriting process has become more transactional.
B
With the abundance of data available, underwriters are spending more time
evaluating an account's data.
C
Underwriters are using the data more to evaluate a portfolio or book of business,
than an individual risk.
D
Underwriters are spending less time cultivating relationships and trust with
insureds. - (answers)C
Which one of the following statements regarding partnerships is true?
Available answer options
A
Underwriters should clearly designate on the declarations page of a policy the
name of the partnership to be insured.
B
,AU 60 FINAL EXAM
A partnership is not considered to be a legal entity separate from its owners for
purchasing insurance.
C
An individual partner should be able to access coverage for each business he has
ownership in from the same policy.
D
An individual partner will likely have a minimal role in the management of a small
partnership. - (answers)A
Malvern Insurance been growing their company and the number of accounts they
serve. In that time, they have not spent any time analyzing their book of business.
They believe their profitability is good because the number are growing but there is
some concern that growth may be masking some poor underlying trends.
Select all that apply
If Malvern fails to reunderwrite their book of business they may have to rely on
______________ to reverse negative trends. However this could lead to Malvern's
premiums being too low to cover losses being higher and losing accounts being
_______________ - (answers)If Malvern fails to reunderwrite their book of
business they may have to rely on pricing to reverse negative trends. However this
could lead to Malvern's premiums being higher and losing accounts.
Alan is a commercial insurance underwriter. He is reviewing the application for B
& L Restaurant. B & L is open from 6 AM to 2 PM daily and offers both seated
dining and take-out service for breakfast and lunch. The restaurant had a good
reputation and financial reports were strong, but Alan was concerned when he
learned that the risk was part of a franchise agreement. The franchise arrangement
raises a concern about which one of the following leadership characteristics?
, AU 60 FINAL EXAM
A
Operational authority
B
Training
C
Quality of work
D - (answers)A
The rate multiplied by the appropriate number of exposure units results in the
Available answer options
A
Premium.
B
Loss cost multiplier.
C
Pure premium.
D
Total earned exposure units. - (answers)A
One of the objectives of insurance rate regulation is to ensure that rates are
adequate. Which one of the following best describes why it is necessary for
insurance rates to be "adequate?"
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