Actuarial department Study guides, Class notes & Summaries

TEXAS ADJUSTER EXAM 2024 WITH 100% CORRECT ANSWERS If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. - correct answer $30,000 Which of the following statements best describes an inland marine policy? - correct answer Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive c...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. $30,000 Which of the following statements best describes an inland marine policy? Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? $1000 This department...

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Michigan Life and Health Insurance Exam With Complete Solutions 2023

CPCU 520 EXAM 2024 WITH 100% ACCURATE SOLUTIONS Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? - correct answer Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? - correct answer State-run plans with cost spread among private insurers in the state Which one of the following departments provides information to the underwriting department to assist in selecting and rating risks? - c...

Texas Adjuster Exam If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. - ANSWER $30,000 Which of the following statements best describes an inland marine policy? - ANSWER Pertains to Cargo with no fixed location Alex is traveling through College Station...

Webce Life and Health Exam Questions and Answers 100% Accurate Webce Life and Health Exam Questions and Answers 100% Accurate Webce Life and Health Exam Questions and Answers 100% Accurate Webce Life and Health Exam Questions and Answers 100% Accurate Representations and Warranties - ANSWER-Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Un...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. $30,000 Which of the following statements best describes an inland marine policy? Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? $1000 This department is responsible fo...