Insures insurers - Study guides, Class notes & Summaries

Michigan Life and Health Examination (2024/2025) (Certified Solutions) Risk The uncertainty or chance of a loss occurring. The two types are pure and speculative. Pure Risk Refers to a situation that can only result in a loss or no change. There is no opportunity for financial gain. Speculative Risk Involves the opportunity for either loss or gain. Hazards Conditions or situations that increase the probability of an insured loss occurring. Hazards and classified as physical hazard...

Texas All Lines Adjuster Actual Test/ 280+ Qs & Ans/ . Terms like: A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) - Answer: Actual Cash Value (ACV) A history of a farmer's crop yields over a multi-year period, which is used to determine the normal production level of a farm. - Answer: Actual Production History Narrowest (and least expensive) form of Crop Revenu...

Reinsurance - an insurance company (the ceding company) paying another insurance company (reinsurer) to take some of the company's risk •Reinsurers help spread the insurer's risk CANHAM - Elements of an insurable risk C - Calculable A - Affordable N - Non-catasrophic H - Homogenous A - Accidental M - Measurable Insurance - Transfer of risk from a person or business to an insurer Risk - Uncertainty / Possibility of a loss Exposure - Risks for which the insurance company would be l...

Texas All-Lines AdjustingAccumulated Depreciation - correct answer The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - correct answer An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion - correct answer One of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or...

2023/2024 OK Insurance Adjuster License Exam with Complete Solutions2023/2024 OK Insurance Adjuster License Exam with Complete Solutions2023/2024 OK Insurance Adjuster License Exam with Complete Solutions2023/2024 OK Insurance Adjuster License Exam with Complete Solutions Stock Companies - ANSWER-An incorporated insurer owned by the stockowners/shareowners that elect the management of the insurer Mutual Companies - ANSWER-An incorporated insurer owned by the insureds that elect the company...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion correct answers One of the characteristics of an insurance contract. Means that one party (the insurer) sets the ...

Insurers can benefit from - Answer-A framework they can use to approach problems through data analysis The important first step in a decision-making model is to - Answer-Define the problem Which one of the following is a way that insurers and risk managers can use data science to improve their results through data-driven decision making? - Answer-Discovering new relationships in data The first step in the data mining process is to - Answer-Understand what a business wants to achieve Which ...

Texas All Lines Adjuster Test 2024 Verified Questions Graded A+ Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current m...

Texas All Lines Adjuster Test with Verified Answers Updated 2024 Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current ...

Accumulated Depreciation - correct answer-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - correct answer-The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - correct answer-A valuation method used by insurers to reflect an item's current market value right bef...