What is an actuary - Study guides, Class notes & Summaries

Samuel is a commercial accounts underwriter working on a new application with five buildings located within the same territory. Samuel would like a photo of each building, and some nontechnical information about the condition of the parking lots and the neighboring buildings. Which one of the following would be the most reliable and cost effective source of this information? Answer - Marketing representative The principal purpose of underwriting is to Answer - Develop and maintain a profitabl...

MD Insurance Exam – Life Questions and Answers 100% Pass Accelrated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies witht he policy description of accidental death Accumulation Period The time before an annuitant's retirement during which the annuitant is making Accidental Death Insu...

Five basic assertions of accounting - Answer-complete, valued correctly, exists, belongs to the company, and is properly classified, described, and disclosed Accounting information criteria - Answer-Understandability, Relevance, Reliability, Comparability and Consistency, Lack of Bias, and Cost-Benefit Effectiveness Understandability - Answer-Must be transparent, intelligible, and clearly disclosed Relevance - Answer-Must be timely, have predictive value, and provide useful feedback about ...

1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - ANSWER-The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - ANSWER-EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All of the following are to be specified in an insurance policy EXCEPT - ANSWER-EXCEPT the financial rating of the insured...

New York Life Insurance Questions and Answers Already Passed Accelerated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance An insurance policy that provides payment if the insured's death is the result of an acc...

Oklahoma Insurance Exam (State Regulations) Questions and Answers Rated A+ Actuary a mathematician employed by the insurer who develops the rates for the insurer. Underwriter (Home Office Underwriter) and employee of the insurer What three things do Underwriters do? Gathers information analyses exposures (determines risk) selects risk for the insurer underwriting the process of selecting risks Producer (agent) (field underwriter) (agent underwriter) a person licensed to soli...

What is the objective of studying big data and technology in risk management and insurance? - AnswerTo explain how they influence risk management and insurance strategy. How does data allow insurers to provide coverage for a variety of risk exposures? - Answer-Through the law of large numbers and analyzing large numbers of claims. Why do claims or underwriting professionals study data analytics? - Answer-To use the results of analytics in their decision making and effectively communicate wit...

WHICH OF THE FOLLOWING HAS PRIMARY RESPONSIBILITY FOR ENSURING THAT THE APPLICATION IS FILLED OUT COMPLETELY? PRODUCER HOME OFFICE UNDERWRITER c INSURER ACTUARY - CORRECT ANSWER: A PRODUCER IN THE EVENT A POLICY rs DELIVERED BY AN AGENT TO THE INSURED, AND THE PREMIUM PAYMENT IS TO BE COLLECTED AT THE TIME OF THIS DELIVERY, NORMALLY WHAT ELSE MUST THE AGENT OBTAIN TO MAKE THE DELIVERY COMPLETE? POSTAGE AND HANDLING FEES AN AFFIDAVIT FROM THE APPLICANT c A STATEMENT OF GOOD HEALTH ADDITI...

ACO correct answers An acronym for Accountable Care Organization Actuary correct answers A person in the insurance field who decides insurance policy rates and reserves dividends, as well as conducts various other statistical analyses Parternship for Health ACT 1966 correct answers recognized health promotion and illness prevention as a " State of complete physical, mental, social well being Assessment tool and diagnostic tests correct answers tools used for evaluating risk and outcome...

chance or uncertainty of loss - ANSWER risk another term that means almost the same thing as risk is ______________ - ANSWER exposure people have developed several different methods for managing risks for serious financial losses. One method is simply to _________________. For example you can ___________ the risk of being in an auto collision by never getting into a car. - ANSWER avoid risk, avoid is isn't practical to avoid all risks. fortunately you can also ___________ risk to some ...