Pro rata reinsurance Study guides, Class notes & Summaries

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Answer ️️ -Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability - Answer ️️ -...

prometric practice test questions with correct answers 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 Correct Answer-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 Correct Answer-d Under a Homeowners Policy, the insured location inc...

prometric practice test questions & answers 2023/2024 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 - ANSWER-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 - ANSWER-d Under a Homeowners Policy, the insured location includes all...

AFSB 151 Practice Exams Questions and Answers Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? -Answer- Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for -Answer-Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction pur...

CPCU 553 Test Questions with Correct Answers One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minimal amount of protection is genera...

AFSB 151 Practice Exams Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? ANSWER- Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for ANSWER- Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction purchases a contract s...

AFSB 151 - Chapter 8 types of reinsurance ANSWER- - Facultative Reinsurance - Treaty Reinsurance - Pro Rata Reinsurance > Quota Share Reinsurance > Surplus Share Reinsurance - Excess of Loss Reinsurance ceding company ANSWER- A primary insurer of surety that shares all or part of an exposure, or exposures, to loss with a reinsurer. insurable interest ANSWER- An interest that exists when the insured derives a monetary benefit or advantage by the preservation and continued ...

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Answer ️️ -Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability - Answer ️️ -...

State Farm 1 Question and answer 100% correct 2024/2025Domestic - correct answer If an insurance company is organized in Detroit, where it maintains its home office, the company is classified in Michigan as what kind of company? Upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred. - correct answer Which one of the following best describes a short rate cancellation? Alien - correct answer Which term correctly describes an insurance company that h...

Dynamic Risk - ANSWER-Not insurable. Think COVID. Tech advances that might hurt your business. Static risk - ANSWER-100 year flood, rare genetic illness , doesn't really change through time. Insurable Pure risk - ANSWER-a risk that presents the chance of loss but no opportunity for gain Speculative risk - ANSWER-a situation in which either profit or loss is possible, such as investing in the stock market Fundamental risk - ANSWER-risk that can affect many people at once (earthquake,...