Underwriters - Study guides, Class notes & Summaries

What type of policy is typically issued without proof of insurability from the insured? - Answer-Group policy A whole life policy that requires that the Policyowner only pays premiums for a specified number of years is known as what type of policy? - Answer-Limited-pay whole life Who is entitled to the cash values in an insurance policy? - Answer-The Policyowner An insured receives a monthly summary for his life insurance policy. He notices that the cash value of the policy is significantl...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated 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 lea...

What are some examples of adverse selection and how can commercial underwriters minimize the effects of it? 1.3 correct answers 1. Business owners in areas prone to coastal storms purchase windstorm coverage or increase their limits only before hurricane season—when they expect severe losses. 2. A disproportionate percentage of business owners in an earthquake-prone zone purchase earthquake insurance, compared with other business owners. **Underwriters minimize the effects of adverse sele...

Reliable Underwriters Discussion Please read the case and answer the questions at the end. Please respond to two of your peers. Do you agree or disagree? Reliable Underwriters is a risk managemen

Which duty is not the responsibility of a level I Inspector? A) Handle citizen complaints related to fire and life safety. B) Perform plans reviews. C) Interpret and apply adopted codes and standards. D) Determine occupancy loads for single-use buildings. - Perform plans reviews. Most of the consensus standards that relate to fire and life safety are developed by the following organizations except: ASTM International, National Fire Protection Assoc., American National Standards Institut...

Also known as NFPA 54, the __________ covers fire prevention and installation standards for fuel gases, as well as the installation of piping and appliances for residential and commercial applciations - CORRECT ANS A. Liquefied Petroleum Gas Code B. American Standards National Institute C. National Fuel Gas Code D. Unfired Boiler and Pressure Vessel Code Tanks and pressure relief valves built according to the ASME code are usually marked with a special ASME stamp. - CORRECT ANS True Pro...

Which is the BEST thing to do FIRST in the even of a minor burn? - Answer- Immerse in cold water. All of the following require the use of gloves EXCEPT - Answer- plain manicure. Which company certifies the safety of pedicure chairs and hair dryers? - Answer- Underwriters Laboratories Why do tuberculocidal disinfectants require special handling? (***) - Answer- They require special method of disposal. Which is the FIRST step if you get blood or other potentially infectious materials i...

AINS 101 EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Which one of the following statements is correct regarding the interaction between risk control and other insurer functions? Select one: A. Risk control personnel can assist underwriters in modifying a new applicant's loss exposures to meet eligibility requirements. B. Risk control personnel are responsible for answering any complex questions that insureds have about p...

Stock insurer - - Owned by stockholders/shareholders - Pays taxable dividends to shareholders if a profit is made -Issues nonparticipating policies (non-PAR) Mutual Insurer - - An insurer that is owned by its policyholders - If company is profitable, excess premiums are returned as non-taxable dividend -Issues participating (Par) policies Fraternal Benefit Societies - -Life or health insurance companies formed to provide insurance for members of an affiliated lodge, religious organizatio...

AINS 102 (Latest 2024 / 2025 Update) Understanding Personal Insurance Exam | Questions and Verified Answers | 100% Correct | Grade A Question: For an agent, all of the following are advantages of cross-selling, EXCEPT: Select one: A. Ease of additional growth B. Increased profitability C. Improved customer retention D. Enhanced ability to compete strictly on price Answer: D Question: An insurance policy is an agreement between the insured and the insurer. Insureds purchase i...