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RMIN 4000 Test 3|40 Answered Questions
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RMIN 4000 Test 3|40 Answered Questions
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RMIN 4000 Test 3|40 AnsweredQuestions
A combined ration grater than 1 (or 100 percent) means that an underwriting
loss has occurred - -Which of the following statements about the combined
ratio is true?
- Because insurance contracts are conditional - -Why can an insurer refuse
to pay a claim if an insured fails to abide by the policy provisions?
- Experience rating - -Under one type of merit rating, the class or manual
rate is adjusted upward or downward based on past loss history. This type of
merit rating is called
- Subrogation helps hold down the cost of insurance - -Which of the
following statements about subrogation is true?
- Liabilities - -A property and liability insurance company's loss reserve and
unearned premium reserve are
- Paul v. Virginia - -The right of the states to regulate the business of
insurance was first established by
- $8 million - -AMB Mutual Insurance company has total assets of $10
million. The policyholders surplus is $2 million. What is AMB Mutals total
liabilities?
- National insurers are at a competitive disadvantage under the present
system - -The major argument in favor of an optional federal charter for
insurers is that
- to reduce moral hazard - -Which of the following is a fundamental purpose
of the principle of indemnity?
- Risk-based capital standards - -Which of the following is a method used to
help ensure the solvency of insurers?
- The McCarran-Ferguson Act - -The basis for current state regulations of
insurance
- The National Association of Insurance Commissioners (NAIC) can force
states to adopt the model laws that it drafts - -All of the following
statements about insurance regulation are true except
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