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Property and Casualty Insurance Basics Nebraska Updated 2024/2025 Questions and Answers 100% Correct. $7.99
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Property and Casualty Insurance Basics Nebraska Updated 2024/2025 Questions and Answers 100% Correct.
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  • Property And Casualty Insurance Basics Nebraska

Funciton - operations of an insurance company where the underwriter is responsible for evaluating applications submitted to the insurer and determining whether a policy should be issued Earned Premium - the portion of premium paid in advance that now belongs to the insurer because it apples to t...

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  • August 16, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • property and casualty insurance basics nebraska

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  • Property and Casualty Insurance Basics Nebraska
  • Property and Casualty Insurance Basics Nebraska

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Property and Casualty Insurance Basics
Nebraska
Funciton - operations of an insurance company where the underwriter is responsible for
evaluating applications submitted to the insurer and determining whether a policy should be issued



Earned Premium - the portion of premium paid in advance that now belongs to the insurer
because it apples to the elapsed part of the policy



Credibility - the degree of accuracy in forecasting future events based on statistical reporting of
past events



Depreciation - reduction in value, particularly due to wear and tear



exposure units - used a measure of rating units or the premium base of a risk



homogeneity - the degree to which items are similar



Implied warranty - a product is suitable for its intended purpose and that it fits an ordinary
buyer's expectations



inception - the date at which the insurance policy goes into reffect



negligence - the failure to use the care that a reasonable, prudent person would under the same
or similar cirucmstances



obsolescece - depreciation in the value of a property due to becoming outdated



statute - a written law passed by a legislative body

, insurable interset - the insured would incur a financial loss if the insured property is damaged.
May be created by ownership, custody, or control of a property. MUST EXIST AT THE TIME OF THE LOSS



3 elements of insurable risk - 1. Financial (monetary interest)

2. Blood

3. Buisness



Underwriting - process of reviewing applications for insurance and the information on the
application. risk selection process



loss ratio - (incured losses +loss adjusting expense)/ earned premium=



Insurance rates - the amount charged for a particular amount of coverage



class rating - computing a price per unit of insurance that applies to all applicants possessing a
given set of characteristics



Types of individual rate making approaches - 1. Judgment Rating

2. Schedule Rating

3. Experience Rating

4. Retrospective Rating

5. Merit Rating



Judgment rating - is used when credible statistics are lacking or when the exposure units are so
varied that is impossible to construct a class



Schedule rating - rates are developed by applying a schedule of charges and credits to some base
rate to determine the appropriate rate for an individual exposure

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