Retrocession - Study guides, Class notes & Summaries

Nj Producer Casualty Exam With 100% Correct Answers 2023. Powers and duties of Commissioner Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing 10 Retrocession When a reinsurer transfers risks it has accepted to another insurer Producers can be Agents, brokers or both Insurance agent a licensed insurance...

NJ Casualty Producer Latest Update Graded A+ Powers and duties of Commissioner Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing 10 Retrocession When a reinsurer transfers risks it has accepted to another insurer Producers can be Agents, brokers or both Insurance agent a licensed insurance prod...

Powers and duties of Commissioner - Answer Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - Answer 10 Retrocession - Answer When a reinsurer transfers risks it has accepted to another insurer Producers can be - Answer Agents, brokers or both Insurance agent - Answer a licensed insurance p...

Casualty Producer NJ Accurate 100%(graded A) Powers and duties of Commissioner - ANSWER Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER 10 Retrocession - ANSWER When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER Agents, brokers or both Insurance...

C11 Principles and Practice of Insurance Questions and Answers 100% Pass Areas of regulation for Intermediaries - ___ Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: - ___ 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile C...

C16 Business of Insurance Exam Questions And Answers (Verified And Updated) 5 Ways Insurance companies spread risk - answer-Share risk with other insurance companies (for very large risk, several insurers subscribe to percentage of risk) -Reinsure the risk -deductible -spread risk over diverse geographical region (soften risk of localized disasters) -form risk pools (syndicates of insurance and reinsurance companies, organized to underwrite particular risk) Two principles of insurance -...

RIBO Chapter 1 Questions and Answers Graded A What are the 5 functions of insurance? 1) Basis of Credit System 2) Loss Prevention/Loss Reduction 3) Eliminates Worry/Encourages Entrepreneurship 4) Spread of Risk 5) Source of Employment/Investment Capital What are the 5 Major Sections of an Agency/Broker Contract? 1) Broker's Authority 2) Ownership of Expirations 3) Commissions 4) Expenses 5) Termination What is Treaty Reinsurance? The insurer and reinsurer execute an insurance contract coverin...

Reinsurance The transfer of insurance risk from one insurer to another through a contractual agreement under which one insurer (the reinsurer) agrees, in return for a reinsurance premium to indemnify another insurer (the primary insurer) for some or all of the financial consequences of certain loss exposures covered by the primary's insurance policies. Primary insurer In reinsurance, the insurer that transfers or cedes all or part of the insurance risk it has assumed to another insurer in a ...

Powers and duties of Commissioner - ANSWER Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER 10 Retrocession - ANSWER When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER Agents, brokers or both Insurance agent - ANSWER a licensed insurance producer wh...

C16 Business of Insurance Exam Questions And Answers (Verified And Updated) 5 Ways Insurance companies spread risk - answer-Share risk with other insurance companies (for very large risk, several insurers subscribe to percentage of risk) -Reinsure the risk -deductible -spread risk over diverse geographical region (soften risk of localized disasters) -form risk pools (syndicates of insurance and reinsurance companies, organized to underwrite particular risk) Two principles of insurance -...