Insurance premium audit Study guides, Class notes & Summaries

The Occurrence form it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. The Supplemental Extended Reporting Period The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. Product liability would cover Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perfect...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient approach to taxation? A) Cash flows should be considered from a...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

Audit - A systematic investigation of records, documents, systems,and operations Premium - An insured's periodic payment for insurance coverage, determined by multiplying the applicable insurance rate by the number of exposure units Insurance premium audit - An examination of an insured's operations, records, books of account, electronic data, and computer systems to determine the insured's actual exposures under the coverages provided Exposure base or premium base - A variable that app...

Audit - A systematic investigation of records, documents, systems, and operations. Premium - An insured's periodic payment for insurance coverage, determined by multiplying the application insurance rate by the number of exposure units. Insurance Premium Audit -An examination of an insured's operations, records, books of account, electronic data, and computer systems to determine the insured's actual exposures under the coverages provided. Exposure base, or premium base - A variable tha...

Property and Casualty Insurance Basics Latest 2024 Graded A+ INSURABLE INTEREST an economic interest in a property that must exist at the time of loss (you can insure the equity interest in your own home) UNDERWRITING classifies the applicant based upon the underwriting requirements of the insurer; matches the risk presented with the premium charged by the insurer LOSS RATIO percentage of claims paid in comparison to total premiums collected during a particular period of time R...

Property and casualty Florida Exam Questions and Answers 100% Pass risk - Correct Answer ️️ -Chance of a financial loss Assumed risk - Correct Answer ️️ -Amount of risk the insured is willing to absorb Pure Risk - Correct Answer ️️ -a risk that presents the chance of loss but no opportunity for gain Speculative Risk - Correct Answer ️️ -Chance of loss or gain insurance - Correct Answer ️️ -a practice or arrangement by which a company or government agency provides a gu...

Illegal gratuity o :## Items to reward a decision after the recipient made the decision. Like a bribe Extortion o :## getting money by threats Economic extortion o :## When employee demands money through threats Kickbacks o :## Improper undisclosed payments made to obtain favorable treatment Three ways to prove corrupt payments o :## 1. Turn an inside witness 2. Secretly infiltrate ongoing transactions 3. Identify and trace corrupt payments through audit trail Inventory shrinkage ...

CAIA Level I Exam 2023 5th percentile vs 25th percentile performance - CORRECT ANSWER-5th percentile managers outperform in every comparison BUT 25th percentile managers' performance is more volatile --> even if 25th percentile managers outperform they tend to mean revert --> demonstrates the perils of choosing managers based on historical performance alternative asset performance evaluation - CORRECT ANSWER-unlike in traditional assets, alpha is difficult to define in alterna...

Operational Audits correct answers concentrates on seeking aspects of operations in which wastes could be reduced by the introduction of controls Endogenous demand for audit correct answers Audit is demanded by the actors of the economy itself, not a regulatory body Exogenous demand for audit correct answers government legislation demands audit to be performed Internal values of audit to issuer correct answers better information for decision making, lower theft and fraud losses Exter...

Indemnify - ️️To restore a party who has sustained a loss to the same financial position that party held before the loss occurred. Third-party administrator (TPA) - ️️An organization that provides administrative services associated with risk financing and insurance. Claims representative - ️️A person responsible for investigating, evaluating, and settling claims. Public adjuster - ️️An outside organization or person hired by an insured to represent the insured in a claim...