Treaty reinsurance - Study guides, Class notes & Summaries

John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - Answer-"Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again -Source of investment funds - Answ...

Mass State Life Insurance Exam Questions and Answers Already Passed Which of the following describes a participating life insurance policy? A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed? Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At wh...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Answer Upon completion of the application Who elects the governing body of a mutual insurance company? - Answer policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - Answer Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their ri...

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: - Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - A fraternal benefit society What I the name of the law ...

What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - Answer reserves When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have - Answer insurable interest Statements made on an insurance application that are beli...

Texas Life and Health Insurance Exam Questions and Answers (Verified Solutions) 2024 What type of reinsurance contract involves two companies automatically sharing their risk exposure? *correct answer*Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called *correct answer*reserves When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are requir...

Michigan Property & Casualty Exam Latest Update with Verified Solutions FIO (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance In...

Massachusetts Life and Health Insurance Exam Study Guide. Insurance - answerTransfer of Risk Risk - answerUncertainty/ Possibility of Loss Exposure - answerRisks for which the insurance company would be liable Peril - answerCause of Loss Hazard - answerSomething that causes an increase in the chance of loss Physical Hazard - answerHazard that can be seen Moral Hazard - answerA belief that intentionally causing a loss is acceptable Morale Hazard - answerCarelessness STARR - answerMethod...

An insurance company may cancel a life insurance policy under which of the following conditions? correct answers The outstanding policy loan exceeds the cash value of the policy Which of the following statements does not describe an element of insurable risk? A. The loss must not be due to chance B. The loss must be definite and measurable C. The loss cannot be catastrophic D. The loss expsoures to be insured must be large correct answers The loss must not be due to chance An insuran...

WFG Final Exam Questions and Answers 100% Correct John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - Correct Answer ️️ -"Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are elimi...