Calculates policy rates - Study guides, Class notes & Summaries

Insurance Questions and Answers Rated A+ Risk A situation involving exposure to danger, harm, or loss. Insurance A means of guaranteeing protection or safety. Risk Pooling The spreading of financial risk evenly among a large number of contributors to the program. Insurance Policy A contract in which an individual or entity receives financial protection or reimbursement against losses. Premium The specified amount of payment required periodically by an insurer to provide cove...

NC Life Insurance Cash Value Money accumulation in a permanent policy which the policy owner may borrow as a policy loan or receive if the policy is surrendered before maturity. Upon maturity or endowment the cash value is paid to the policy owner. Cash value may be used as a source of supplemental income. Non- Participating Policies Insurance policies which do not pay dividends to policy owners. Participating Policies Policies that may pay annual dividends to policy owners. ...

A lender generally charges a lower interest rate on a housing loan because: A the loan is secured against the property. B they are required to do so by the Consumer Credit Act, 1995. C the loan is unsecured. D they are required to do so by the Consumer Protection Code. - ANS A 1.2 - Individual Loan Needs Finn buys a car by taking out a Personal Payment Plan (PPP). When will Finn be the legal owner of the car? A As soon as the contract is signed. B After he pays an initial de...

Test Bank For Accounting Principles 7th Canadian Edition, (Volume 2) 7e Weygandt Donald Kieso Kimmel Trenholm Warren Novak-1. Calculate the cost of property, plant, and equipment. The cost of property, plant, and equipment includes all costs that are necessary to acquire the asset and make it ready for its intended use. All costs that benefit future periods (that is, capital expenditures) are included in the cost of the asset. When applicable, cost also includes asset retirement costs. When m...

NC Life Insurance Cash Value Money accumulation in a permanent policy which the policy owner may borrow as a policy loan or receive if the policy is surrendered before maturity. Upon maturity or endowment the cash value is paid to the policy owner. Cash value may be used as a source of supplemental income. Non- Participating Policies Insurance policies which do not pay dividends to policy owners. Participating Policies Policies that may pay annual dividends to policy owners. ...

INSURANCE correct answers The method of spreading the risk of a financial loss among a large number of people. When spreading the risk reduces the financial impact of an individual loss. INSURANCE COMPANY correct answers entity that agrees to indemnify (make financially whole again) Insureds against covered losses PROPERTY correct answers Various types of insurance designed to insure property from financial loss. D.H.C.I.O.C 1.Dwelling 2.Homeowners 3.Commerical Property 4.Inland marine...

Texas General Line Prep Questions And Answers Well Illustrated. All of the following are elements of an insurable risk EXCEPT: A.) The loss must be measurable. B.) The insured peril must be outside of the insured's control. C.) Any losses resulting from the insured peril must be definable as to time, cause, and location. D. ) Losses resulting from the insured peril must be potentially catastrophic. - correct answer. D.) Losses resulting from the insured peril must be pot...

Colorado Life Insurance Final Exam All Answers Correct Return of premium ️The life insurance rider that pays the face amount plus the total premiums paid into the policy is known as: Foreign or alien ️What kind of company can the Commissioner file a complaint to enjoin and restrain from continuing violations of the insurance regulations of Colorado? Yes, the interest can be paid annually, or added to the loan. ️Does a loan on the cash value of a life insurance policy accrue int...

Actuarial Department - Answer Calculates policy rates, reserves, and dividends Alien Insurer - Answer An insurer whose principal office and domiciled in a country other than the United States. Admitted Insurer - Answer An insurer to which a state insurance department has granted a license to do business within that state. Broker - Answer A Broker represents themselves and the insured. Captive Insurer - Answer An insurer owned by a parent firm for the purpose of insurin...

Insurance Services Office - ANSWER Calculates rates and creates policy forms such as homeowners and auto for property and casualty insurers. National Association of Insurance Commissioners (NAIC) - ANSWER governing org. for all state insurance commissioners, directors. Works towards standardization of insurance codes in various states. All legislation passed is non-binding on the states until passed by the state legislative. Domestic Insurers - ANSWER organized under the laws of the same s...