Insurance premium audit - Study guides, Class notes & Summaries

Property and casualty Florida Exam Questions and Answers 100% Pass risk - Correct Answer ️️ -Chance of a financial loss Assumed risk - Correct Answer ️️ -Amount of risk the insured is willing to absorb Pure Risk - Correct Answer ️️ -a risk that presents the chance of loss but no opportunity for gain Speculative Risk - Correct Answer ️️ -Chance of loss or gain insurance - Correct Answer ️️ -a practice or arrangement by which a company or government agency provides a gu...

CFE Exam - Financial and Fraud Schemes Exam Questions With 100% Verified Answers Illegal gratuity - answerItems to reward a decision after the recipient made the decision. Like a bribe Extortion - answergetting money by threats Economic extortion - answerWhen employee demands money through threats Kickbacks - answerImproper undisclosed payments made to obtain favorable treatment Three ways to prove corrupt payments - answer1. Turn an inside witness 2. Secretly infiltrate ongoing transac...

Illegal gratuity - Items to reward a decision after the recipient made the decision. Like a bribe Extortion - getting money by threats Economic extortion - When employee demands money through threats Kickbacks - Improper undisclosed payments made to obtain favorable treatment Three ways to prove corrupt payments - 1. Turn an inside witness 2. Secretly infiltrate ongoing transactions 3. Identify and trace corrupt payments through audit trail Inventory shrinkage - Loss of inventory resultin...

Indemnify - ️️To restore a party who has sustained a loss to the same financial position that party held before the loss occurred. Third-party administrator (TPA) - ️️An organization that provides administrative services associated with risk financing and insurance. Claims representative - ️️A person responsible for investigating, evaluating, and settling claims. Public adjuster - ️️An outside organization or person hired by an insured to represent the insured in a claim...

CAIA Level I Exam 2023 5th percentile vs 25th percentile performance - CORRECT ANSWER-5th percentile managers outperform in every comparison BUT 25th percentile managers' performance is more volatile --> even if 25th percentile managers outperform they tend to mean revert --> demonstrates the perils of choosing managers based on historical performance alternative asset performance evaluation - CORRECT ANSWER-unlike in traditional assets, alpha is difficult to define in alterna...

A life or health insurance company formed to provide insurance for members of an affiliated lodge, religious, or fraternal organization with a representative form of government - Fraternal Benefit Society A definition on liability forms that describes the types of contracts in which liability is assumed by the insured and included for coverage in the policy. Examples are leases of premises, elevator maintenance agreements, easement agreements, and other agreements related to the insured's ...

Although most policies are occurrence forms, covering claims that occur during the policy period, some are claims-made forms. Which one of the following types of loss is most likely to involve a claims-made form? Select one: A. An automotive collision claim. B. A homeowners liability claim due to a slip and fall. C. A homeowners claim due to storm damage. D. A medical malpractice claim. - D. A medical malpractice claim. Claims-made forms are most often used for environmental, medical mal...

AINS 23 Full Practice Exam Questions with Correct Answers (Already Graded A+) Which one of the following is a characteristic of a site-specific environmental impairment liability policy? - Answer It provides coverage on a claims-made basis. Exclusions are generally very common in all insurance policies. Which one of the following is a correct statement regarding the exclusions in Part One of the standard Workers Compensation and Employers Liability (WC&EL) Insurance Policy? - Answer Part...

AINS 101 EXAM 2024 | 50 QUESTION WITH 100 % CORRECT DETAILED ANSWERS | VERIFIED|A+ GRADE Question 1 Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Select one: A. Contract of utmost good faith. B. Conditional contract. C. Contract of adhesion. D. Contract of indemnity. Question 2 Sota’s Superstore has recently become an insured of Keithly Insurance Company. Kaito...

Absolute Liability - imposed on defendants engaged in hazardous activities, such as harboring wild animals, using explosives, etc. the injured party does not need to prove negligence. Actual Cash Value (ACV) - method of valuation reinforces the principle of indemnity because it recognizes the reduction of value of property as it ages and becomes subject to wear and tear and obsolescence. = current replacement cost- depreciation Alien Company - according to location of incorporation, this i...