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AU 60 Latest 2024 Exam Questions and Correct Answers (All are Correct) A Graded €12,33   In winkelwagen

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AU 60 Latest 2024 Exam Questions and Correct Answers (All are Correct) A Graded

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AU 60 Latest 2024 Exam Questions and Correct Answers (All are Correct) A Graded Which one of the following types of individual rating plans can be used by medium to large insureds in combination with risk control and allows the insured to manage its cash flow by avoiding upfront payments? - Answe...

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AU 60 Latest 2024 Exam
Questions and Correct
Answers (All are Correct) A
Graded
Which one of the following types of individual rating plans can be used by medium to
large insureds in combination with risk control and allows the insured to manage its
cash flow by avoiding upfront payments? - Answer ✔ Large deductible plan

Which one of the following types of rating plans combines all of the base premiums
calculated using manual rates and rating plans to arrive at a policy premium and
average rate? - Answer ✔ Composite rating combines all of the base premiums
calculated using manual rates and rating plans to arrive at a policy premium and
average rate

In ratemaking, the component included to pay future claims and loss adjustment
expenses is referred to as - Answer ✔ Prospective loss costs.

Which one of the following statements is true regarding ratemaking in different types of
insurance? - Answer ✔ Trending of losses in fire insurance is generally restricted to
claim severity.

ABC Corp. is looking to insure two buildings under a blanket insurance policy. Each
building has an insurable value of $500,000. The underwriter assigns the buildings a
rating of $1.25 and $0.75 per $100 respectively. If the underwriter prices the insurance
using blanket highest rate, what should ABC Corp.'s premium be? - Answer ✔ ABC
Corp.'s premium should be $12,500 = (500,000 * ) * 1.25

Vanessa is a commercial lines underwriter at ABC Insurance. Vanessa and one of her
producers, Arpad, have been discussing the renewal of one of ABC's larger accounts.
The frequency and severity of the insured's losses has increased over the past three
years, and Vanessa wants to nonrenew the account. Arpad feels that Vanessa should
be more flexible given the size and importance of the account. Vanessa and Arpad have
a good working relationship. Together they work to define the problem rather than
simply the symptoms. Then they jointly search for a solution to the problem and reach a

, decision together as to what to do with the account. This is an example of which one of
the following types of conflict resolution? - Answer ✔ Integrative bargaining

Which one of the following negotiation styles focuses only on short term goals and does
not support the goal of building a long term relationship? - Answer ✔ Competing

Allison is a commercial lines underwriter at ABC Insurance. She is meeting with a
producer to discuss an insured's upcoming renewal. The account has suffered an
increase in loss frequency over the past year, and Allison has several recommendations
and requirements that she wants the producer to discuss with the insured prior to
renewal. During the meeting, the producer keeps checking his watch and checking his
cell phone. Allison becomes irritated, thinking that the producer is disinterested and
does not appreciate the importance of the issues she wants to address. This is an
example of which one of the following? - Answer ✔ Attribution

Viktor is a commercial property underwriter who is reviewing a submission on behalf of
Omicron Manufacturing. The company is located in an older building, in a run-down
commercial area. The company's operations include several higher-hazard processes
and the prior loss history indicates an increasing frequency of losses. However,
Omicron has recently hired a professional risk manager who has a very good reputation
in the community. Viktor is acquainted with the risk manager and admires her skills very
much. Based on this single factor, Viktor decides to write the account. This is an
example of which one of the following? - Answer ✔ Halo effect

Les is a commercial lines underwriter at ABC Insurance. One of the producers he deals
with is Dave. Les feels Dave is far more interested in earning commissions than in
placing business appropriately. He carefully scrutinizes all of Dave's submissions and
assumes that the business Dave sends him is generally unattractive. He is quick to
decline Dave's submissions for reasons that would not cause him to decline
submissions from other producers. Which one of the following is Les demonstrating? -
Answer ✔ Polarization

Which one of the following statements is correct regarding polarization? - Answer ✔
Most risks are neither excellent nor completely unacceptable, but are somewhere in
between.

Attempted communication where there is no understanding between the individuals
communicating is referred to as - Answer ✔ Bypassikng

To achieve profitability, the underwriting function serves which one of the following
additional purposes? - Answer ✔ C. Guarding against adverse selection

Which one of the following will draft a manuscript policy or endorsement that is worded
to address the specific needs of the insured - Answer ✔ Line underwriter

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