RMIN 4000 Test 2 Daniel Brown Questions and Answers Solved 100%
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Course
RMIN 4000 Daniel Brown
Institution
RMIN 4000 Daniel Brown
Actual Cash Value - Replacement Cost-Depreciation
Actuary - A person who uses complex statistical methods and technology to analyze loss
and other data to determine rates and premiums.
Brokers - represent policyholders to arrange coverage with syndicates. Legally represents
insured.
Ceding Com...
RMIN 4000 Test 2 Daniel Brown Actual Cash Value - Replacement Cost -Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and damages, and settling the claim. Depreciation - Age/Useful Life Direct Response - Insurer sells directly to the consumer by television or some other media. Direct Writer - An insurer in which the salesperson is an employee of the insurer, not an independent contractor. Exclusive Agency - Agent represents only one insurer or group of insurers under common ownership. Lower commission paid agents on renewal of business rather than new business. Expense Provisions (Load) - Amount needed to pay future expenses (acquisition, overhead, premium taxes). Exposure Unit - Units of Measurement used in pricing Facultative Reinsurance - Reinsurance that is transacted on an individual risk (ex. large factory) where the primary insurer cedes the individual risk to the reinsurer. File-and-use - Rates must be filed with the state, but can be used immediately. First Party Claim - Claim submitted by the insured to the insurer. Insurer makes claims payment to the insured. Gross Premium - Gross Rate x No. of Exposure Units Group Insurance Marketing - Methods to sell individual insurance policies to: Employer groups, Labor unions, Trade associations Independent Adjustors - Individual or organization what adjusts the claim for a fee. (Very common after catastrophes.) Independent Agency - Usually represents several unrelated insurers. Commission paid agents. Insurance Agent - Someone who legally represents the principal (insurance company) and has the authority to act on the principal's behalf (Company's Legal Representative). Insurance Binders - Provide temporary insurance until the policy is actually written.
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