Stop loss reinsurance - Samenvattingen, Aantekeningen en Examens

Which of the following represents uncertainty about outcomes that can be negative or positive? - Risk The primary role of insurance is to - Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) - Commercial package policy (CPP) Coverage for money and other business property from various causes of loss such as burglary...

Which of the following represents uncertainty about outcomes that can be negative or positive? correct answers Risk The primary role of insurance is to correct answers Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) correct answers Commercial package policy (CPP) Coverage for money and other business propert...

Alabama life and health all answers correct Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? A. Fixed amount option B. Fixed period option C. Interest only option D. Life income option D. Life income option A man with an Accidental Death & Dismemberment (AD&D) poli...

RIBO Chapter 1 Questions and Answers Graded A What are the 5 functions of insurance? 1) Basis of Credit System 2) Loss Prevention/Loss Reduction 3) Eliminates Worry/Encourages Entrepreneurship 4) Spread of Risk 5) Source of Employment/Investment Capital What are the 5 Major Sections of an Agency/Broker Contract? 1) Broker's Authority 2) Ownership of Expirations 3) Commissions 4) Expenses 5) Termination What is Treaty Reinsurance? The insurer and reinsurer execute an insurance contract coverin...

CLU HS 323 Quiz Questions | Questions with 100% Correct Answers | Latest Update | Verified 28. Which of the following statements concerning factors used in the selection and classification process of applicants for life insurance is correct? (A) Applicants must submit document proof of age as part of the application. (B) Any past health record of the applicant is of little real relevance in the selection process. (C) The determination of an applicant's mortality expectation involves an e...

AINS 101 Exam Prep, Detailed Questions and Answers A+ Rated a 100% Correct Pass As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point? A. Ciara needs her car to get to her job, and she needs her job to make car payments and pay for her car insurance. B. When her car's windshield br...

Accident and Health Insurance Exam Share, Transfer, Avoid, Retain, Reduce 5 ways of managing risk Managing General Agent A person who exercises general supervision over the business of the insurer, which includes hiring and firing agents Concealment Failure to disclose a material fact Surplus Lines Sold by unauthorized companies, such as Lloyd's of London Representation Truth to the best of your knowledge Warranty Guaranteed to be true Stock insurance companies Pay dividends to st...

Partial Retention - partial responsibility for losses buys policy has deductible Cancellation - Stop policy mid-term before it has the chance to expire. Both insurer and insured can cancel a policy Broker - Producer who represents the insured and NOT the insurer Direct loss - physical destruction of property by lightening, wind, fire, theft, etc Does insurance cover sentimental losses? - No First Named Insured - the ranking insured in a Commercial Lines policy Full Retention - self insu...

Prometric Practice Test Questions and Answers Already Passed Monetary damages awarded to an injured party must be based on all of the following elements EXCEPT: a. Damages as the proximate result b Negligence c. Available insurance d. A legal duty owed c The risk of financial loss that an individual faces illustrates the principle of: a. Indemnity b. Limit of recovery c. Subrogation d. Insurable interest d Under a Homeowners Policy, the insured location includes all of the following EXC...

What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? ANS- Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of members is known as: ANS- A fraternal benefit society What type of reinsurance contract involves two companies automatically sharing their risk exposure? ANS- Treaty Which of the following requires insurers to disclose when a...