Pro rata reinsurance Study guides, Class notes & Summaries

PERSONAL LINES INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED 2024 Risk _________ is when one takes action to prevent or reduce potential loss. Reduction When the number of similar units increases, the predictability of the loss improves according to the rule of _____ ________. Large Numbers The insuring of risks that are more prone to losses than average risks is known as? Adverse Selection A ___________ contract is an arrangement where one insurer transfers or shares risks ...

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 surety bond from SureRite In...

New York State Property and Casualty Licensing Exam Latest Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - 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 - If a loss occurs that is covered by more than 1 insuran...

What is the purpose of a disclosure statement in life insurance policies? a) To explain features and benefits of a proposed policy to the consumer b) To obtain important underwriting information from the applicant c) To help consumers compare policy prices d) To protect agents and insurers against lawsuit - To explain features and benefits of a proposed policy to the consumer Which of the following is the legal name of a corporation or partnership under which a licensee conducts insurance...

Personal Lines Insurance Exam Questions 100% Answered 2024/2025 Risk _________ is when one takes action to prevent or reduce potential loss. - answerReduction When the number of similar units increases, the predictability of the loss improves according to the rule of _____ ________. - answerLarge Numbers The insuring of risks that are more prone to losses than average risks is known as? - answerAdverse Selection A ___________ contract is an arrangement where one insurer transfers or shar...

AFSB 151 Practice Exams Questions and Answers A+ Graded 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? Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for Commercial suretyship. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0...

A - UTAH: A person applying for an adjuster's license in Utah must (BSPEBS): - Answer * Be at least 18 years old * SSN * Personal History * Experience * Business Record * Submit a non-refundable fee B - UTAH: A non-resident agent (a new agent) moving into Utah must apply within __________ days to become a resident licensee. - Answer 90 C - UTAH: Qualifications: A licensee must - - Answer * At least 18 years old * Good faith * No controlled business * No grounds for denial, suspens...

Insurers Correct Answer (Insurance companies or Carriers) manufacture and sell insurance coverage by way of insurance policies or contracts. In California, any person capable of making a contract may be an insurer, subject to the restrictions imposed by the insurance code. In this case, a person is defined as any individual (natural person), association, organization, partnership, business trust, limited liability company, or corporation. Insurance Agencies Correct Answer are independent orga...

RIBO Exam Prep (2023/2024) Already Passed Implied Contract a contract that comes about from the actions of the parties Express Contract Terms have been specificity states and agreed upon by both parties Reinsurance insurance for insurance companies Frequency Percentage of what we insure. severity $ amount of the loss contract agreement between two or more parties void The policy never existed. Any premium received must be returned. legal entity/person Someone who can sue or be sued. tort...

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 surety bond from SureRite In...