Nes 101 - Study guides, Class notes & Summaries

What is the underwriter's goal? - ANSWER-To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - ANSWER-Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally con...

Commercial Lines 101 CE Questions and Answers 2024 Insurer - Answer -The insurance company Named Insured/Insured - Answer -The policyholder Financial Definition of Insurance - Answer -A financial agreement involving the redistribution of financial losses Legal Definition of Insurance - Answer -A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses Loss Pooling - Answer -the sharing of total losses susta...

Commercial Lines 101 CE

What is the underwriter's goal? - Answer- To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - Answer- Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally ...

NES 101 Practice Exam Questions With Complete Solutions

Hazard - Answer-A condition or conditions that increases the probability of a loss Physical Hazard - Answer-A physical condition or situation that increases the possibility of loss (outdated or frayed wiring in a factory) Moral Hazard - Answer-Intentional acts committed by the insured that either create or exaggerate a loss and is measured by the character of the insured and the circumstances surrounding the subject of the insurance Morale Hazard - Answer-Implies an indifference to loss...

Insurer correct answer: The insurance company Named Insured/Insured correct answer: The policyholder Financial Definition of Insurance correct answer: A financial agreement involving the redistribution of financial losses Legal Definition of Insurance correct answer: A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses Loss Pooling correct answer: the sharing of total losses sustained by a fe...

WebCe - Commercial Lines 101 with complete solution 2023What is the underwriter's goal? - correct answer To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - correct answer Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resul...

WebCe - Commercial Lines 101 Kevin, the owner of ABC Contractors, is issued a commercial general liability policy by Speedy Insurance. The policy states that Speedy Insurance agrees to pay for all liability arising from bodily injury or property damage that occurs during the policy period. This is found in the _________________ of the policy:

Kevin, the owner of ABC Contractors, is issued a commercial general liability policy by Speedy Insurance. The policy states that Speedy Insurance agrees to pay for all liability arising from bodily injury or property damage that occurs during the policy period. This is found in the _________________ of the policy: Exclusions. Subrogation. Loss reserves. Insuring agreement. 1 of 19 Grand Insurance has a number of claims that are being processed, with an estimated value of $4 million. Th...