Actuarial department - Study guides, Class notes & Summaries

FLORIDA 2-20 EXAM | 837 TEST BANK ACTUAL QUESTIONS AND ANSWERS 100% CORRECT | LATEST UPDATE 2024 {WELL ILLUSTRATED} 1.If someone would suffer economic loss from damage to their property, they have: A: a subrogation right B: a proximate cause C: an insurable interest D: a contingent claim C: an insurable interest 2. A convenience used to provide temporary insurance is called: A - Insurance B - binder C- property coverage D- liability coverage B - binder 3. The failure of ...

Delaware Insurance Exam - Chapter 2 Study Exam Guide 2024 Acceptance - CORRECT ANSWER-The issuance of an insurance policy by an insurer Acceptance Receipt - CORRECT ANSWER-Sets the effective date of coverage as the application date upon receipt of initial premium Actuarial Department - CORRECT ANSWER-The function responsible for rate-setting Application - CORRECT ANSWER-The form that provides the insurer with information necessary to assess risk Automatic Agreement - CORRECT ANSWER-A t...

abandonment - Answer-condition states that the insured may not abandon property to the company and ask to be reimbursed for its full value. Absolute liability - Answer-imposed by law on those participating in certain activities that are considered especially hazardous. Individuals involved in such operations may be held liable for the damages of another, even though the individual was not negligent. Accounting Department - Answer-inances are closely regulated by the state—for example, pre...

Florida Life and Health Insurance Practice Questions with Certified Solutions Within how many days must a licensee notify the Department of Financial Services of a change in address? 30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... An agent's commission Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency? The amount of premium collected ...

Texas Adjuster Exam Questions & answers If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. - correct answer-$30,000 Which of the following statements best describes an inland marine policy? - correct answer-Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a ...

Property and Casualty Insurance Exam Verified Answers 4 elements of negligence 1. The existence of a DUTY to act in a certain way 2. A FAILURE to live up to this duty 3. An actual INJURY must occur 4. The failure in duty must be the PROXIMATE CAUSE of the injury. 5 Broad Categories of Exclusions -Non-Accidental losses -Losses Controllable by the Insured -Extra Hazardous Perils -Catastrophic Losses -Property Covered in other Policies Absolute Liability Imposed on defendants engaged in...

Representations and Warranties - Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

Representations and Warranties - ANSWER Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - ANSWER Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses ...

Texas Adjuster ExamIf an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved? - correct answer $30,000 Which of the following statements best describes an inland marine policy? - correct answer Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What ...

Representations and Warranties - ️️Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - ️️Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses a...