Actuarial department - Study guides, Class notes & Summaries

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...

Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? State-run plans with cost spread among private insurers in the state Which one of the following departments provides information to the underwriting department to assist in selecting and rating risks? Risk control All corporations are obligated to promote the well-being of society. At the m...

Delaware Insurance Exam - Chapter 2 Study Exam Guide 2024 Acceptance - CORRECT ANSWER-The issuance of an insurance policy by an insurer Acceptance Receipt - CORRECT ANSWER-Sets the effective date of coverage as the application date upon receipt of initial premium Actuarial Department - CORRECT ANSWER-The function responsible for rate-setting Application - CORRECT ANSWER-The form that provides the insurer with information necessary to assess risk Automatic Agreement - CORRECT ANSWER-A t...

FLORIDA 2-20 EXAM | 837 TEST BANK ACTUAL QUESTIONS AND ANSWERS 100% CORRECT | LATEST UPDATE 2024 {WELL ILLUSTRATED} 1.If someone would suffer economic loss from damage to their property, they have: A: a subrogation right B: a proximate cause C: an insurable interest D: a contingent claim C: an insurable interest 2. A convenience used to provide temporary insurance is called: A - Insurance B - binder C- property coverage D- liability coverage B - binder 3. The failure of ...

Texas Adjuster Exam Questions & answers If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. - correct answer-$30,000 Which of the following statements best describes an inland marine policy? - correct answer-Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a ...

Florida Life and Health Insurance Practice Questions with Certified Solutions Within how many days must a licensee notify the Department of Financial Services of a change in address? 30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... An agent's commission Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency? The amount of premium collected ...

Property and Casualty Insurance Exam Verified Answers 4 elements of negligence 1. The existence of a DUTY to act in a certain way 2. A FAILURE to live up to this duty 3. An actual INJURY must occur 4. The failure in duty must be the PROXIMATE CAUSE of the injury. 5 Broad Categories of Exclusions -Non-Accidental losses -Losses Controllable by the Insured -Extra Hazardous Perils -Catastrophic Losses -Property Covered in other Policies Absolute Liability Imposed on defendants engaged in...

Why would a large manufacturer choose to self-insure rather than buy an insurance policy from an insurance company? - ANSWER-to save insurance premiums by paying relatively minor losses out of company funds The federal Risk Retention Act of 1986 contains guidelines for which of the following entities? - ANSWER-Risk retention groups Which of the following is an example of an unauthorized insurance company in Illinois? - ANSWER-Company B, an Iowa-based company that does not hold a certificat...

Texas Adjuster ExamIf an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved? - correct answer $30,000 Which of the following statements best describes an inland marine policy? - correct answer Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What ...

Colorado Accident & health laws state Exam simulator Questions and Answers Latest Updated 2024/2025 (Graded A+) Which of the following is an example of rebating? offer of temporary insurance coverage cancellation of an insurance policy without cause sale of mass-marketed insurance products returning a portion of a premium as inducement to purchase insurance returning a portion of a premium as inducement to purchase insurance Which of the following is a duty of the Commissioner? Setting in...