Reinsurers - Study guides, Class notes & Summaries

RSK4803 Assignment 3 (COMPLETE ANSWERS) 2024 - DUE 7 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us.. Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. (2) a. The c...

Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. a. The chief executive officer held that the responsibility of risk management would be to assess, control and finance critical risks facing the organisation and report the outcomes to the board. b. The chief f...

RSK4803 Assignment 3 Semester 2 2024 | Due 7 October 2024. All questions answered with references. Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. (2) a. The chief executive officer held that the responsibility of risk management would be to assess, control and...

C16 THE BUSINESS OF INSURANCE EXAM QUESTIONS AND CORRECT ANSWERS 2024/2025 GRADED A+. 2 / 24 1. List the two fundamental principles of insurance.: 1.The premiums of themany are used to pay the losses of the few. 2. The premiums shall be commensurate with the risk. -Insurance fulfils a societal need -Provides consumers with financial security for particular types of accidental losses.Also underpins the economy facilitating economic growth and societal development -Insurance is the prom...

Some well-known lawsuits, which involved corporate malfeasance and alleged improper accounting practices, include - ️️Worldcom, Enron, and Cedant. Each of these cases resulted in tremendous costs for litigation, generating settlements of $6.2 billion, $7.2 billion, and $3.7 billion respectively Define reinsurance and describe its role in the insurance industry. - ️️Reinsurance is called insurance for insurance companies or a form of financial risk transfer. It is a mechanism insura...

California Insurance Exam Questions And Answers Two methods of determining insurance need: - Human Life Approach - Needs Approach Human Life Value Approach~ - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, planned retirement age, occupation, annual wa...

What is loss development? - answer>>The increase or decrease of incurred losses over time. How are loss reserves handled on financial statements? - answer>>They are liabilities on the balance sheet. What is the purpose of loss reserves? - answer>>To estimate the liability for losses that have occurred but have not yet been settled. What best describes the reserves a reinsurer must have? - answer>>Amounts obligated in the future to pay primary insurers. When account...

California Insurance Exam Questions and Answers 100% Pass Two methods of determining insurance need: - Correct Answer ️️ -- Human Life Approach - Needs Approach Human Life Value Approach~ - Correct Answer ️️ -- One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on ...

California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) Two methods of determining insurance need: - ANSWER - - Human Life Approach - Needs Approach Human Life Value Approach~ - ANSWER - - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will su...

List the 2 fundamental principles of insurance? : - premiums of the many used to pay losses of few - premium shall be commensurate with the risk Why would an insurer spread risks over divers geographical areas? : - soften the burden of localized disasters on insurers What is a risk pool? : - syndicates of insurance or reinsurance companies that have organized to underwrite a particular risk or group of similar risks - to share and spread risk between insurers and reinsurers Explain the...