What is an actuary - Study guides, Class notes & Summaries

LOMA 291 Module 1 Questions and Answers 100% Pass Stakeholders (consituents) A party that has an interest in how a company conducts its business. Also known as a constituent. Dividend Compensation that a company may pay to owners upon a vote by the company's board of directors. Stockholder We stockholders expect the company to grow steadily. We expect to earn a reasonable return, sometimes in the form of dividends. Do you know what a dividend is? Sometimes the board of directors votes to make...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristi...

Accident and Sickness - ANSWER-insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness Accident Insurance - ANSWER-a form of health insurance against loss by accidental bodily injury Accidental Bodily Injury - ANSWER-generally, traumatic damage to the body, of external origin, unexpected and undersigned by the injured person Accidental Death Insurance - ANSWER-a form of health insurance that provides pymt if death of the ...

Property & Casualty ADBanker Multiple Choice Questions with 100% Correct Answers Which of the following is NOT contained in the Conditions section of an insurance policy? b)a)ExclusionsAppraisal c)Changes d)Assignment - Correct Answer ️️ - The insured's duties after a loss include all the following, except: a)Notify police in the event of a theft c)Prb)Have property repaired quickly, then notify insurerepare an inventory of damaged property d)Give prompt written notice to the ins...

Absolute Assignment - ANSWER assignment by the policyholder of all the policy control and rights to a third party Accident and Sickness - ANSWER insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness Accident Insurance - ANSWER a form of health insurance against loss by accidental bodily injury Accidental Bodily Injury - ANSWER generally, traumatic damage to the body, of external origin, unexpected and undersigned by the...

Conflict between profit go an Customers needs goal Regulation of insurance policies Legislations require policy appear in certain types of insurance policies Advisory organizations Companies that work with and on behalf of insurers develop standard policy insurance policy forms and data requiring rules or prospective loss cost Approach used in determining whether an insurance rates are adequate or excessive is based on ensure should expect at least some minimum rate of return on equity ...

Actual Cash Value - Replacement Cost-Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and dam...

ACC 3100 Baruch College, CUNY. MIDTERM REVIEW. All Worked Solutions 1. ABC declared a property dividend. The dividend consisted of 12,000 common shares of its investment in XYZ Company. The shares h ad originally been purchased at $2 per share and had a $1 par. The value of the shares on the declaration date is $8 per share. What is the first entry that should be recorded related to this dividend? 2. Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 83,000 sh...

Virginia Personal Lines Exam (Virginia Insurance Laws & Regulations) Latest 2024 Graded A+ Hierarchy State Corporation Commission. Bureau of Insurance. Commissioner. Examination by the Commission The commission must examine every insurer licensed in Virginia at least once every 5 years. Investigation Powers of the Commission The commission has power to examine and investigate the business affairs of any person engaged or alleged to be engaged in the business of insurance in the...

Actuary Exam 1: 2 of 3 Questions & Answers 2023/2024 What distribution would you use? Number of insurance claims during a given time period. - ANSWER-Poisson What distribution would you use? Number of deaths per year from a given group of people. - ANSWER-Poisson What distribution would you use? Number of mail pieces recieved in a day? Or number of phone calls recieved in a hour? - ANSWER-Poisson What distribution would you use: Suppose on average that a web page gets 2 hits per mi...