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Xcel chapter exams questions and answers
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Xcel chapter exams questions and answers
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Xcel chapter exams questions andanswers
Which iiof iithe iifollowing iiis iia iicontract iithat iiinvolves iione iiparty iiwhich iiindemnifies
iianother iiwhen iia iiloss iiarises iifrom iian iiunknown iievent? ii- iiAnswers ii-Insurance iipolicy
Which iiof iithe iifollowing iiis iiNOT iia iicharacteristic iiof iireinsurance? ii- iiAnswers ii-
Increases iithe iiunearned iipremium iireserve
Which iiof iithe iifollowing iiis iian iiinsurer iiestablished iiby iia iiparent iicompany iifor iithe
iipurpose iiof iiinsuring iithe iiparent iicompany's iiloss iiexposures? ii- iiAnswers ii-Captive
iiinsurer
A iiparticipating iicompany iiis iialso iireferred iito iias iiwhich iitype iiof iiinsurer? ii- iiAnswers ii-
Mutual iiinsurer
What iiis iia iiparticipating iilife iiinsurance iipolicy? ii- iiAnswers ii-Contract iithat iiallows iithe
iipolicyowner iito iireceive iia iishare iiof iisurplus iiin iithe iiform iiof iipolicy iidividends
Which iiof iithe iifollowing iistatements iiregarding iia iilife iiinsurance iipolicy iidividend iiis
iiTRUE? ii- iiAnswers ii-It iiis iia iidistribution iiof iiexcess iifunds iiaccumulated iiby iithe iiinsurer
iion iiparticipating iipolicies
Which iiof iithe iifollowing iiis iiNOT iia iibenefit iiof iiinsurance? ii- iiAnswers ii-Losses iidue iito
iifraud iiare iieliminated
An iiinsurer iienters iiinto iia iicontract iiwith iia iithird-party iito iiinsure iiitself iiagainst iilosses
iifrom iiinsurance iipolicies iiit iiissues. iiWhat iiis iithe iiagreement iicalled? ii- iiAnswers ii-
Reinsurance
Which iiof iithe iifollowing iiis iia iitype iiof iiinsurance iiwhere iian iiinsurer iitransfers iiloss
iiexposures iifrom iipolicies iiwritten iifor iiits iiinsurerds? ii- iiAnswers ii-Reinsurance
When iia iimutual iiinsurer iibecomes iia iistock iicompany, iithe iiprocess iiis iicalled ii-
iiAnswers ii-Demutualization
Which iiof iithe iifollowing iidescribes iithe iiincrease iiin iithe iiprobability iiof iia iiloss iidue iito
iian iiinsureds iidishonest iitendencies? ii- iiAnswers ii-moral iihazard
, An iiinsurer iihaving iia iilarge iinumber iiof iisimilar iiexposure iiunit iiit's iiconsidered iiimportant
iibecause ii- iiAnswers ii-The iigreater iithe iinumber iiinsured, iithe iimore iiaccurately iithe
iiinsurer iican iipredict iilosses iiand iiset iiappropriate iipremiums
Which iiof iithe iifollowing iiis iiconsidered iito iibe iiany iisituation iithat iihas iithe iipotential iifor
iiloss? ii- iiAnswers ii-Loss iiexposure
Which iiof iithe iifollowing iiis iia iisituation iiwhere iithere iiis iia iipossibility iiof iieither iia iiloss iior
iia iigain? ii- iiAnswers ii-Speculative iirisk
Restoring iian iiinsured iito iithe iisame iicondition iias iibefore iia iiloss iiis iiknown iias ii-
iiAnswers ii-principle iiof iiindemnity
Which iiof iithese iistatements iicorrectly iidescribes iirisk? ii- iiAnswers ii-Pure iirisk iiis iithe
iionly iiinsurable iirisk
Moral iihazard iiis iidescribed iias iithe ii- iiAnswers ii-increased iichance iiof iia iiloss iibecause
iiof iian iiinsured's iidishonest iitendencies
Which iiof iithe iifollowing iibest iidescribes iithe iistatement ii"The iimore iitimes iiand iievent iiis
iirepeated, iithe iimore iipredictable iithe iioutcome iibecomes"? ii- iiAnswers ii-Law iiof iilarge
iinumbers
Which iiof iithe iifollowing iirefers iito iia iicondition iithat iimay iiincrease iithe iichance iiof iia
iiloss? ii- iiAnswers ii-hazard
Which iiof iithe iifollowing iiwould iiNOT iibe iiaccomplished iiwith iithe iipurchase iiof iian
iiinsurance iipolicy? ii- iiAnswers ii-Risk iiis iieliminated
All iiof iithe iifollowing iicircumstances iimust iibe iimet iifor iia iiloss iiretention iito iibe iian
iieffective iirisk iimanagement iitechnique, iiEXCEPT ii- iiAnswers ii-Probability iiof iiloss iiis
iiunknown
Which iiof iithe iifollowing iiis iiNOT iian iielement iiof iian iiinsurable iirisk? ii- iiAnswers ii-The
iiloss iimust iibe iicatastrophic
Which iitype iiof iirisk iiis iigambling? ii- iiAnswers ii-Speculative iirisk
Which iiof iithe iifollowing iiis iiNOT iiconsidered iia iidefinition iiof iia iirisk? ii- iiAnswers ii-The
iicause iiof iiloss
Which iiof iithe iifollowing iiis iiNOT iia iirequirement iiof iia iicontract? ii- iiAnswers ii-Equal
iiconsideration iiis iirequired iibetween iithe iiinvolved iiparties
If iia iimaterial iiwarranty iiviolation iion iithe iipart iiof iithe iiinsured iiis iifound, iiwhat iirecourse
iidoes iian iiinsurer iihave? ii- iiAnswers ii-Rescind iithe iipolicy
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