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Chapter 6 RMI 3011 RMI 3011 Florida State University - Question and answers correctly solved $12.99   Add to cart
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Chapter 6 RMI 3011 RMI 3011 Florida State University - Question and answers correctly solved
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Chapter 6 RMI 3011 RMI 3011 Florida State University - Question and answers correctly solved Ratemaking - correct answer refers to the pricing of insurance and the calculation of insurance premiums Rate - correct answer price per unit of insurance Exposure unit - correct answer the uni...

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  • November 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter 6 rmi 3011
  • chapter 6 rmi 3011 question and answers correctly
  • chapter 6 rmi 3011 rmi 3011 florida state universi

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Chapter 6 RMI 3011 Question and
answers correctly solved
Ratemaking - correct answer ✔refers to the pricing of insurance and the
calculation of insurance premiums


Rate - correct answer ✔price per unit of insurance


Exposure unit - correct answer ✔the unit of measurement used in insurance
pricing
Premium= rate x exposure units


Rates and premiums are determined by an _________, using the company's
past loss experience and industry statistics - correct answer ✔Actuary


Actuaries also determine the adequacy of - correct answer ✔loss reserves,
allocate expenses, and compile statistics for company management and state
regulatory officials.


Life insurance certification is called - correct answer ✔Society of Actuaries
(SOA)
Associate of the Society of Actuaries (ASA)
Fellow of Society of Actuaries (FSA)


Property and Casualty Insurance Certification - correct answer ✔Casualty
Actuarial Society (CAS)
Associate of the Casualty Society of Actuaries (ACSA)
Fellow of the Casualty Actuarial Society (FCAS)

, Production - correct answer ✔refers to the sales and marketing activities of
insurers


Agents are often referred to as - correct answer ✔producers


Underwriting - correct answer ✔the process of selecting, classifying, and
pricing applicants for insurance


statement of underwriting policy - correct answer ✔establishes policies that
are consistent with the company's objectives


underwriting guide - correct answer ✔Acceptable, borderline, and prohibited
classes of business
Amounts of insurance that can be written
Territories to be developed
Forms and rating plans to be used
Business that requires approval by a senior underwriter


the basic principles of underwriting include - correct answer ✔-Attain an
underwriting profit
-Select prospective insureds according to the company's underwriting
standards
-Provide equity among the policyholders


Adverse Selection - correct answer ✔is the tendency of people with a
average-chance of loss to seek insurance at standard rates. If not controlled
by underwriting, this will result in higher-than-expected loss levels.

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