Exam (elaborations)
IF1 chapter 2 questions with 100% correct answers
- Course
- Institution
IF1 chapter 2 questions with 100% correct answers
[Show more]
Content preview
IF1 chapter 2 questions with 100%correct answers
What are the five main components of the insurance market? - correct answer ✔✔Buyers,
intermediaries, aggregators, insurers and reinsurers.
Name the types of buyers in the market? - correct answer ✔✔Private individuals
Partnerships
Companies
Public bodies
Associations and clubs
What is the difference between a proprietary company and a mutual company? - correct answer ✔✔A
proprietary is owned by share holders and mutual is owned by policy holders.
Why do reinsures fall into the category of buyer and seller? - correct answer ✔✔Reinsurers accept risk
and transfer risk to other reinsurers.
What significant change took place in Lloyds in 2008? - correct answer ✔✔They removed the restriction
which enabled all brokers to place business at Lloyds.
What is the role of the intermediary? - correct answer ✔✔To bring buyers and sellers together.
What is a captive company? - correct answer ✔✔One which insures itself
What is loss adjuster? - correct answer ✔✔A person who inspects claim damage on behalf of the insurer.
What is a loss accessor? - correct answer ✔✔It is a person who inspects claims damage on behalf of the
insured.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now