Premium audit - Study guides, Class notes & Summaries

APA 91 Study Guide ( Principles of Premium Auditing ) Solved Questions With Complete Solutions..

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

AINS 101 EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Which one of the following statements is correct regarding the interaction between risk control and other insurer functions? Select one: A. Risk control personnel can assist underwriters in modifying a new applicant's loss exposures to meet eligibility requirements. B. Risk control personnel are responsible for answering any complex questions that insureds have about p...

Audit - A systematic investigation of records, documents, systems,and operations Premium - An insured's periodic payment for insurance coverage, determined by multiplying the applicable insurance rate by the number of exposure units Insurance premium audit - An examination of an insured's operations, records, books of account, electronic data, and computer systems to determine the insured's actual exposures under the coverages provided Exposure base or premium base - A variable that app...

Operational Audits correct answers concentrates on seeking aspects of operations in which wastes could be reduced by the introduction of controls Endogenous demand for audit correct answers Audit is demanded by the actors of the economy itself, not a regulatory body Exogenous demand for audit correct answers government legislation demands audit to be performed Internal values of audit to issuer correct answers better information for decision making, lower theft and fraud losses Exter...

Illegal gratuity o :## Items to reward a decision after the recipient made the decision. Like a bribe Extortion o :## getting money by threats Economic extortion o :## When employee demands money through threats Kickbacks o :## Improper undisclosed payments made to obtain favorable treatment Three ways to prove corrupt payments o :## 1. Turn an inside witness 2. Secretly infiltrate ongoing transactions 3. Identify and trace corrupt payments through audit trail Inventory shrinkage ...

Property and Casualty Insurance Basics Latest 2024 Graded A+ INSURABLE INTEREST an economic interest in a property that must exist at the time of loss (you can insure the equity interest in your own home) UNDERWRITING classifies the applicant based upon the underwriting requirements of the insurer; matches the risk presented with the premium charged by the insurer LOSS RATIO percentage of claims paid in comparison to total premiums collected during a particular period of time R...

Property and casualty Florida Exam Questions and Answers 100% Pass risk - Correct Answer ️️ -Chance of a financial loss Assumed risk - Correct Answer ️️ -Amount of risk the insured is willing to absorb Pure Risk - Correct Answer ️️ -a risk that presents the chance of loss but no opportunity for gain Speculative Risk - Correct Answer ️️ -Chance of loss or gain insurance - Correct Answer ️️ -a practice or arrangement by which a company or government agency provides a gu...

Indemnify - ️️To restore a party who has sustained a loss to the same financial position that party held before the loss occurred. Third-party administrator (TPA) - ️️An organization that provides administrative services associated with risk financing and insurance. Claims representative - ️️A person responsible for investigating, evaluating, and settling claims. Public adjuster - ️️An outside organization or person hired by an insured to represent the insured in a claim...

AINS 101 EXAM QUESTIONS WITH 100% CORRECT ANSWERS UPDATED Why are insurance regulators concerned about the effects of large catastrophes? - Answer- Insurers may become insolvent A stock insurer differs from a reciprocal insurance exchange in which one of the following ways? - Answer- Stockholders own a stock insurer. Members own a reciprocal insurance exchange. Sota's Superstore has recently become an insured of Keithly Insurance Company. Kaito, Keithly's premium auditor, is bein...