Underwriting - Study guides, Class notes & Summaries

How are individually rated automobiles regulated vs. fleets : - individually rated automobiles is regulated the same in commercial and personal - fleets are less regulated in commercial that individually rated vehicles 3 elements of underwriting: : - Accept/reject risk - Invest of capital - Implement strategic plan to build profitable portfolio Underwriting Function : - insurance professional employed to accept or reject risk on behalf of an insurer - to ACCEPT, MODIFY or REJECT risk...

Xcel ch.6. Life Insurance underwriting exam questions with correct answers with complete A+solution 2024/2025

The most common method of risk management is: A. The sharing of risk B. The assumption of risk C. The transfer of risk D. Risk avoidance - Answer- C. The transfer of risk Which of the following types of risk is associated with change is not insurable? A. Fundamental risk B. Particular risk C. Dynamic risk D. Static risk - Answer- C. Dynamic risk Insurers are able to calculate their probable losses and to establish the rates for premiums that will cover losses and operating expe...

Series 24- Underwriting questions with verified answers

What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and threats. What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in fraudulent claims and weather-related disasters. Why is Millstone concerned about its upper-level employees nearing retirement age? - Answer-Few employees can immediately step into those roles. Why is it a problem that few college graduates are choosing to enter the insurance industry...

Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+) Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+) The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower are _____. - ANSWER - Origination activities The process of evaluating a borrower's loan application to determine the risk involved for the lender is - ANSWER - Underwriting Which of the...

Participating Insurance Policy - Answer-may pay dividends to the policyowner Material Misrepresentation - Answer-misstatement to a question asked in the application process; death benefit claim will likely be denied Law of Large Numbers - Answer-the larger a group becomes, the easier it is to predict losses; used to predict certain types of losses and set appropriate premiums Substandard Risk - Answer-results in higher premium Standard Risk - Answer-results in standard premium Preferred R...

C120 - Underwriting Essentials Chapter 1 - Introduction to Underwriting Questions and Answers Already Passed What is a table of limits, and how are the amounts in the table determined? (AKA Rating matrix) Outlines the amount of insurance an underwriter may be authorized to offer for varying types of risks. They are determined by the Occupancy, Public Fire Protection and Construction of the risk. 3 main reasons why an underwriter may reject a risk 1) Class of risk is not permitted in t...

AU 60 Chapter 4 Underwriting the Commercial Organization with complete verified solutions

CPCU 551 Exam Questions Compilation A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you...