Reinsurer - Study guides, Class notes & Summaries

waiver of premium for payor benefit - ANSWER insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - ANSWER base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) Valued Contract - ANSWER life insurance policies which state the benefit payable at the time of the polic...

Life & Health Insurance Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -transfer of risk Speculative risk - Correct Answer ️️ -has a possibility of both loss and gain Pure risk - Correct Answer ️️ -only has a possibility of loss (no gain) Exposure - Correct Answer ️️ -risks for which an insurance company would be liable expressed in units Peril - Correct Answer ️️ -cause of a loss Hazard - Correct Answer ️️ -an increase in the chance of loss M...

Name four examples of alternative capital - Answer-Pension Plan Endowments Hedge Funds Alt. Asset Manager what is it called when a reinsurer transfers risk to another reinsurer? - Answer-Retrocession who is the reinsurer who the additional risk is ceded to? - Answer-Retrocessionaire Who is the primary or reinsurer who transfers the risk? - Answer-cedent Where are the top insurance markets? - Answer-US China Japan What is the US insurance market driven by? - Answer-property and casualty...

Material Misrepresentation - - a false statement that changes the outcome of issuing a policy - generally with the health statement Surplus Lines - any type of insurance for which there is no available market within the state, and the coverage must be placed with a non admitted insurer Mutual Insurer - An insurer that is owned by its policyholders and formed as a corporation for the purpose of providing insurance to them.- Non Taxable dividends & Participating Polcies Insurance - Transfer ...

RMI 3567 Exam 3 Questions with 100% Correct Name four examples of alternative capital - Correct Answer ️️ -Pension Plan Endowments Hedge Funds Alt. Asset Manager what is it called when a reinsurer transfers risk to another reinsurer? - Correct Answer ️️ -Retrocession who is the reinsurer who the additional risk is ceded to? - Correct Answer ️️ - Retrocessionaire Who is the primary or reinsurer who transfers the risk? - Correct Answer ️️ -cedent Where are the top insuran...

Accept or reject the whole group - During the underwriting process for a group health policy, it was discovered that 15 out of 50 members of the group have major health issues. How would the insurer handle this? A. Accept or reject the whole group B. Accept the 35 insurable individuals while rejecting the remaining 15 C. Charge a higher premium to the 15 unhealthy individuals D. Assign the group to a reinsurer Contract that allows the policyowner to receive a share of surplus in the form ...

Insurance - transfer of risk Speculative risk - has a possibility of both loss and gain Pure risk - only has a possibility of loss (no gain) Exposure - risks for which an insurance company would be liable expressed in units Peril - cause of a loss Hazard - an increase in the chance of loss Moral hazard - arise from people's character (faking a loss) Morale hazard - state of mind or careless attitude (accidentally leaving door unlocked) Methods of handling risk - STARR...

LOMA 281 Module 1 Latest Update Graded A+ Risk the possibility of an unexpected result. Premium A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. Annuity A fin...

waiver of premium for payor benefit - ANSWER insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - ANSWER base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) Valued Contract - ANSWER life insurance policies which state the benefit payable at the time of the polic...

CLU HS 323 Quiz Questions Group assets according to their risk characteristics and establishing criteria to maintain prescribed ratios of holdings in each of these risk categories is called (A) portfolio risk management (B) riding the yield curve (C) categorical investment (D) segmentation of the general account - (D) segmentation of the general account Which of the following statements concerning current assumption whole life is correct? (A) It has a redetermination feature that rec...