Actuarial tables - Study guides, Class notes & Summaries

Pooling of Risks - Answer- A large group of people contribute money to a fund out of which their losses can be paid Policyowner - Answer- is the person or org that applies for the policy and pays the premium Actuarial Tables - Answer- Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - Answer- financial risks of premature death on a defined amount Loss of income - Answer- the face amount of life insurance...

Webce Life and HealthRepresentations and Warranties - correct answer Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - correct answer Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes...

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to pro...

Webce Life and HealthRepresentations and Warranties - answer-Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - answer-Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help...

Representations and Warranties correct answersRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments correct answersTwo related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate fu...

An Insurance Policy Correct Answer A social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk Correct Answer A risk when a person can only stand to lose should an event occur Speculative Risk Correct Answer a risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks Correct Answer When a large group of people contributes money to a fund out of which their losses can be paid. The Insured Correct ...

Pooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answer is the person or org that applies for the policy and pays the premium Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount Loss of income - correct answe...

Pooling of Risks - correct answerA large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answeris the person or org that applies for the policy and pays the premium Actuarial Tables - correct answerAre statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answerfinancial risks of premature death on a defined amount Loss of income - correct answerthe...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...

Illinois Property Insurance Exam - Basic Principles All Answers Correct An Insurance Policy A social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk A risk when a person can only stand to lose should an event occur Speculative Risk a risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks When a large group of people contributes money to a fund out of which their losses can be paid. The ...