Exam (elaborations)
C11 Principles & Practice - CH03 - Ratemaking, Underwriting, and Rating Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A
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What is RATEMAKING? : - Process of establishing rates for each class of insurance. - Determining the cost of a specified unit of insurance for a given period of time. *(MNQ) What is RATE (unit cost)? : - The price of a unit of insurance for a period of one year. - Expressed in dollars and cent...
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