Law of averages - Study guides, Class notes & Summaries

N.C. Claims Adjuster Exam Latest 2023 Rated A+ Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date Date of which the loss occurred Identification of parties involved The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s)....

Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - ANSWER-10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrende...

1. Which law is the foundation of statistical prediction of loss upon which rates for insurance are calculated? A) Law of Group Evaluation B) Law of Large Numbers C) Law of Masses D) Law of Averages Answer : B) Law of Large Numbers 2. A producer who fails to segregate premium monies from his own personal funds is guilty of: A) Theft B) Commingling C) Larceny D) Embezzlement Answer : B) Commingling 3. In insurance, an offer is usually made when: A) The completed application is submit...

Washington Life/Health Insurance Exam Latest Update Graded A+ policy owner usually, but not always the person covered by the policy beneficiary the person who is paid when a claim is submitted agent/producer acts as a legal representative of the insurance company broker representative of the Insured, not the insurance company risk The chance or uncertainty of loss Pure risk the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. S...

California Life Accident And Health Exam 2024. A ABC INSURANCE - Correct Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED - Correct Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED - Correct Answ...

C11 - Principles & Practice Questions with Verified Answers What are the 3 general types of risk? People are risk! Personal, Property, Liability What does "insurance" mean? When something gets crumpled, Indemnify! Indemnification, Risk, Money, Perils, Loss, Exposure How does insurance provide security? It WIIPs risks ***********! Worries, Inconvenience, Indemnification, Premiums What do risk managers do? They eat kIMChi! Identify, Measure, Control How does the insurance ind...

Praxis: Special Education: Content Knowledge and Applications 5354 Questions and Answers Already Passed What was the first major federal law guaranteeing all children aged 5-21 the right to a public education? The education for all handicapped children (EHA) Compared to a child with normal development, a child with spina bifida would be most likely to demonstrate deficits in... Motor development The school psychologist is explaining assessment results to Clifford's parents and othe...

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...

Which law is the foundation of statistical prediction of loss upon which rates for insurance are calculated? A) Law of Group Evaluation B) Law of Large Numbers C) Law of Masses D) Law of Averages - ️️B) Law of Large Numbers A producer who fails to segregate premium monies from his own personal funds is guilty of: A) Theft B) Commingling C) Larceny D) Embezzlement - ️️B) Commingling In insurance, an offer is usually made when: A) The completed application is submitted. B)...

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 cents or as a percentage. *(MNQ) What is PREMIUM? : - Total cost of an insurance policy. - Calculated by multiplying the rate times the amount or term of insurance purchased. What is difference between...