Actuarial tables - Study guides, Class notes & Summaries

Illinois Property Insurance Exam - Basic Principles All Answers Correct An Insurance Policy A social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk A risk when a person can only stand to lose should an event occur Speculative Risk a risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks When a large group of people contributes money to a fund out of which their losses can be paid. The ...

Illinois Property Insurance Exam - Basic Principles All Answers Correct An Insurance Policy A social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk A risk when a person can only stand to lose should an event occur Speculative Risk a risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks When a large group of people contributes money to a fund out of which their losses can be paid. The ...

Illinois Property Insurance Exam - Basic Principles All Answers Correct An Insurance Policy A social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk A risk when a person can only stand to lose should an event occur Speculative Risk a risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks When a large group of people contributes money to a fund out of which their losses can be paid. The ...

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 loss...

Pooling of Risks A large group of people contribute money to a fund out of which their losses can be paid Policyowner is the person or org that applies for the policy and pays the premium Actuarial Tables Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: financial risks of premature death on a defined amount Loss of income the face amount of life insurance is determined as a multiple ...

WEBCE Life and Health (281 Questions) With Correct Verified Answers- 100% Score Representations and Warranties - ️️ -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 - ️️ -Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assig...

Illinois Life Insurance Exam Already Graded A+ Transfer of Risks Through insurance individuals transfer to insurance companies financial risk they cannot infividually afford Pooling of risks when a large group of people contribute money to a fund out of their losses can be paid Premium The money paid by the policyowner to the insurance company in exchange for the policy Lapse When a policy is terminated due to non-payment of premiums Policyowner The person or organization that appl...

Webce Life and Health questions and answers 2023 full solution Representations and Warranties - answers-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 - answers-Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. T...

Life Insurance Exam-Illinois Compete Answers Pooling of Risks ️A large group of people contribute money to a fund out of which their losses can be paid Policyowner ️is the person or org that applies for the policy and pays the premium Actuarial Tables ️Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: ️financial risks of premature death on a defined amount Loss of income ️the face amount of li...

Webce Life and Health Exam Questions and Answers | Verified & Updated 2024 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 ...