Lloyds of london - Study guides, Class notes & Summaries

Major Types of Private Insurers - correct answer Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - correct answer -A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - correct answer -a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) ...

risk avoidance - occurs when individuals evade risk entirely risk reduction - occurs when chances of risk are lessened risk retention - is being aware of the risks involved and taking precautions for financial protection. risk transference - is the act of shifting the responsibility of risk to another in the form of an insurance contract. physical - A bodily disease of endangerment, such as cancer, presents a _____ hazard. morale - A mental trait, such as road rage, presents a ____ hazard....

Fundamentals of Insurance PreTest Q&A Latest The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of Personal Proper...

Rhode Island Insurance Exam Spring with Complete Solution the role of insurance is to transfer the risk of financial loss from an individual or business to an insurance company organized and incorporated under state law owned by stockholders who get a paid share of the company's profit through dividends. also referred to as a nonparticipating or non-par bc policy holder do not participate in paid dividends stock insurance company organized and incorporated under state law. but they have ...

Comprehensive Exam-Kentucky Life and Health Insurance Final Updated Exam 2024 Q&A All of the following are producer responsibilities to the applicant, except: - CORRECT ANSWER-Offering and selling only the lowest premium policy ___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. - CORRECT ANSWER-Insurers When both parties must perform certain duties and follow certain rules of conduct to make a contract enforceable refers to a(n) ___...

Insurance - DEFINITION- Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - DEFINITION- Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - DEFINITION- Provide a stream of income by making a series of payments to the annuitant for the annuitant...

Property & Casualty Virginia Latest Update Graded A+ stock insurance company owned by stockholders mutual insurance company owned by policyholders reciprocal insurance company group-owned insurer whose main activity is risk sharing lloyds of london not an insurance company, but consists of groups of underwriters who specializes in insuring a particular type of risk fraternal benefit societies social organizations that engage in charitable activities that provide life and heal...

Arkansas Property and Casualty Insurance Chapter 1Insurance - correct answer 1. Sharing, spreading, or transferring risk through the accumulation of funds of large numbers of individuals 2. Giving up a known certain loss (the clients premium) in order to avoid a larger potential loss 3. A contract where one party agrees to indemnify another for certain stated contingencies General Average - correct answer The spreading of risk to all parties concerned Lloyds of London - correct answer Br...

2 types of Off Shore Reinsurers - ️️-domiciled outside the US and not governed by US regulations Bermuda Market - estimated 30% of reinsurance markets (3rd largest market in the world). -Benefits: 1. No income tax 2. Fewer restricitions on how Bermuda companies can invest their assets and deploy capital 3. Close proximity to the US London Market: famous for assuming many unusual and complex risks (lloyds) What are the Major Functions of Reinsurance? - ️️1. Increase Capacity 2. St...

Ati fundamentals of Insurance exam 100% questions and answers The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of ...