Pro rata reinsurance Study guides, Class notes & Summaries

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered...

OHIO LIFE EXAM WITH 100% CORRECT ANSWERS Which of the following would be sufficient violation to warrant rejection, revocation, or suspension of an insurance agent's license? 1) a moving violation ticket 2) a denied license in another state 3) acting as a fiduciary 4) an unintentional misrepresentation of the terms of a contract - correct answer 2) a denied license in another state What method do insurers use to protect themselves against catastrophic losses? 1) pro rata liability...

NC Adjuster License Practice Exam Combined Set Questions With Reviewed Correct Answers What type of insurance operation is used to insure unusual risks? ANSWER Lloyds of London An insurance company that has its headquarters in New York state doing business in North Carolina would be considered which of the following under North Carolina insurance regulations? ANSWER Foreign Insurer A __________ is a contract type in which the insurer agrees to pay a specific sum of m...

New York State Property and Casualty Licensing Exam Questions and Answers Already Passed Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered b...

AFSB 151 Study Questions with All Correct Answers pro rata reinsurance - Answer-A type of reinsurance in which the primary insurer and reinsurer proportionately share the amounts of insurance, policy premiums, and losses (including loss adjustment expenses) treaty reinsurance - Answer-A reinsurance agreement that covers an entire class or portfolio of loss exposures and provides that the primary insurer's individual loss exposures that fall within the treaty are automatically reinsured. ...

1 OHIO LIFE EXAM 11-44: EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+ Which of the following would be sufficient violation to warrant rejection, revocation, or suspension of an insurance agent's license? 1) a moving violation ticket 2) a denied license in another state 3) acting as a fiduciary 4) an unintentional misrepresentation of the terms of a contract - -2) a denied license in another state What method do insurers use to protect themselves against catastrophic lo...

1. What method do insurers use to protect themselves against catastrophic losses? (Choose from the following options) 1. Reinsurance 2. Indemnity 3. Pro rata liability 4. Risk-management correct answers1. Reinsurance 2. How many long term care policies can be sold to an insured within a 12-month period before the number of policies is considered to be unnecessary? (Choose from the following options) 1. 1 2. 2 3. 3 4. 4 correct answers2. 2 3. Which type of insurance in...

AFSB 151 PRACTICE EXAMS REVIEW QUESTIONS & ANSWERS. GRADED A+ Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? - -Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for - -Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Constructi...

Risk _________ is when one takes action to prevent or reduce potential loss. - ANSWER Reduction When the number of similar units increases, the predictability of the loss improves according to the rule of _____ ________. - ANSWER Large Numbers The insuring of risks that are more prone to losses than average risks is known as? - ANSWER Adverse Selection A ___________ contract is an arrangement where one insurer transfers or shares risks with another insurer. - ANSWER Reinsurance _____...

New York State Property and Casualty Licensing Exam Latest Version Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered b...