Lloyds associations - Study guides, Class notes & Summaries

group insurance marketing - ️️Methods to sell individual insurance policies to: ◦Employer groups ◦Labor unions ◦Trade associations -Products are sold through group representatives, employees who receive a salary and incentive payments based on sales. -Employees typically pay for insurance by payroll deduction. Distribution-Independent Agency - ️️-Usually represents several unrelated insurers. ---Agents are paid a commission which varies by the line of insurance. -The agenc...

Mortality -:- The rate people will die Morbidity -:- The rate people will get sick Peril -:- The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection -:- The tendency for poorer than average risks to seek out insurance Annuity -:- Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect against the risk of depleting retirement funds ...

Wisconsin Life Insurance Exam|Latest Update Graded A+ Mortality The rate people will die Morbidity The rate people will get sick Peril The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection The tendency for poorer than average risks to seek out insurance Annuity Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect agains...

General Life Insurance Latest 2023 Graded A insurance transfer of responsibility in exchange for premium risk the possibility or chance something could happen exposure the amount of loss hazard situation that increases the possibility of the loss occurring peril cause of the loss loss reduction in the value of an asset which type of risk to insurers accept? pure risk what is the purpose of insurance to restore the insured to the insured's original position Which type of risk is NOT cove...

Property & Casualty Test (Indiana Section) Questions with Complete Solutions Insurance commissioner has the authority to..? enforce state insurance laws Department of Insurance has the power to..? Supervise the organization, regulation, examination, rehabilitation, liquidation and conservation of all insurance companies doing business in the state Insurance laws have been written to protect the insuring public The commissioner has 3 main authorities 1. Executive Authority 2. Legislative Auth...

distribution- independent agency - usually represents several unrelated insurers agents are paid a commission which varies by the line of insurance the agency owns the expirations or renewal rights to the business agents may be authorized to adjust small claims and may provide loss control services to their insurers large brokerage firms - very important in commercial P&C coverage may have knowledge of highly specialized insurance markets may provide risk management and loss control servic...

Wisconsin Life Insurance Exam|Latest Update Graded A+ Mortality The rate people will die Morbidity The rate people will get sick Peril The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection The tendency for poorer than average risks to seek out insurance Annuity Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect agains...

Life Insurance Exam – Wisconsin Mortality - Answer- The rate people will die Morbidity - Answer- The rate people will get sick Peril - Answer- The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection - Answer- The tendency for poorer than average risks to seek out insurance Annuity - Answer- Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life incom...

Mortality - Answer The rate people will die Morbidity - Answer The rate people will get sick Peril - Answer The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection - Answer The tendency for poorer than average risks to seek out insurance Annuity - Answer Annuities protect against the risk of living longer than expected. Annuities provide a guaranteed life income to protect against the risk of depleting reti...

Life and Health Insurance Exam 1 questions and answers well illustrated. UNIT 1: The term used to describe the individual who is covered by the insurance is A. insurer B. insured C. policyowner D. risk - correct answers.B Which of the following is a risk? A. A car may need to have new brakes installed after several years of regular driving. B. An individual may need medical attention after slipping on the ice and falling. C. Both are examples of risk. D. Ne...