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C16 - The Business Of Insurance Exam Questions With 100% Correct Answers
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C16 - The Business Of Insurance Exam Questions With 100% Correct Answers
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C16 - The Business Of Insurance ExamQuestions With 100% Correct Answers
Subscribedicapitali-iCorrectiAnswer-
Theiamountiofistockisoldibyiaicorporation
Paid-upicapitali-iCorrectiAnswer-
Representsithatipartiofitheisubscribedicapitalithatihasibeenipaidiinifullib
yishareholders
Mutualiinsureri-iCorrectiAnswer-
Aiformioficooperativeienterpriseiownedibyiitsipolicyholdersialsoiknowni
asimembers.iTheiassociationiisiformediforitheipurposeiofiinsuringioneian
otheriagainstitheipossibilityioficertainitypesiofiloss.iItioperatedioniaipre
miumiassessmentiplan.
Corporateigovernancei-iCorrectiAnswer-
Howiaicorporationidirectsiitselfiandihowicontroliofithisiprocessiisimanag
ed.iEncompassesiprocess,istructure,iandiinformationiuseditoimanage
Span-of-controli-iCorrectiAnswer-
Aimanagerialiprincipaliassertsithatilimitingitheinumberiofiemployeesiwh
oireportitoitheisameimanageriorisupervisoriimprovesiorganizationiperfo
rmance.
, Internalicontrolsi-iCorrectiAnswer-
Aiprocessiputiintoieffectibyiaicompany'siboardiofidirectors,imanagemen
t,iandiotheripersonnelithatiisidesigneditoireasonablyiassureistakeholder
sithaticorporateiobjectivesiareibeingimet.
Self-dealingi-iCorrectiAnswer-
Theiconductiofiaiboardimemberioriotheripersonsiofipoweriwhoitakeiadv
antageiofitheiripositionitoiuseitheiriinfluenceioriknowledgeiillegallyitoiga
iniaipersonaliadvantage
Fiduciaryi-iCorrectiAnswer-
Aipersoniwhoiisientrustediwithimanagingisomethingiforitheigoodiofiano
ther
Pricingiactuariesi-iCorrectiAnswer-
Responsibleiforianalyzingidataiandiperformingicalculationsitoidetermin
eipricingiforiinsuranceipolicies
Reserveiactuariesi-iCorrectiAnswer-
Determineitheiamountiofimoneyitoibeiheldiinibulkiclaimsireserves.iTheib
ulkedireservesiincludeiprovisionsiforiclaimsithatihaveibeeniincurredibuti
notiyetireporteditoitheicompanyi(IBNR)iandiadverseiclaimsireserveideve
lopmenti-
itheiamountibyiwhichitheiultimateicostioficlaimsimayiexceeditheireserve
.iThyiareiresponsibleiforimonitoringianiinsurer'sioverallifinancialisituatio
niandialertingimanagementiififinancialiregulatoryirequirementsiareinoti
met.
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