What is an actuary - Study guides, Class notes & Summaries

a legally acceptable attempt by the existing insurer to retain the business after replacement form has been received is called?? - Conservation a mutual insurer: is a participating company owned by policy owners charges assessments to the policy owners if blains are higher than projected is an incorporated society or supreme lodge without capital is a group who shares risk and cannot sell life insurance - is a participating company owned by policy owners a producers commission on control...

Absolute Assignment - ANSWER assignment by the policyholder of all the policy control and rights to a third party Accident and Sickness - ANSWER insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness Accident Insurance - ANSWER a form of health insurance against loss by accidental bodily injury Accidental Bodily Injury - ANSWER generally, traumatic damage to the body, of external origin, unexpected and undersigned by the...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristi...

Property & Casualty ADBanker Multiple Choice Questions with 100% Correct Answers Which of the following is NOT contained in the Conditions section of an insurance policy? b)a)ExclusionsAppraisal c)Changes d)Assignment - Correct Answer ️️ - The insured's duties after a loss include all the following, except: a)Notify police in the event of a theft c)Prb)Have property repaired quickly, then notify insurerepare an inventory of damaged property d)Give prompt written notice to the ins...

Accident and Sickness - ANSWER-insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness Accident Insurance - ANSWER-a form of health insurance against loss by accidental bodily injury Accidental Bodily Injury - ANSWER-generally, traumatic damage to the body, of external origin, unexpected and undersigned by the injured person Accidental Death Insurance - ANSWER-a form of health insurance that provides pymt if death of the ...

Conflict between profit go an Customers needs goal Regulation of insurance policies Legislations require policy appear in certain types of insurance policies Advisory organizations Companies that work with and on behalf of insurers develop standard policy insurance policy forms and data requiring rules or prospective loss cost Approach used in determining whether an insurance rates are adequate or excessive is based on ensure should expect at least some minimum rate of return on equity ...

Actual Cash Value - Replacement Cost-Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and dam...

Virginia Personal Lines Exam (Virginia Insurance Laws & Regulations) Latest 2024 Graded A+ Hierarchy State Corporation Commission. Bureau of Insurance. Commissioner. Examination by the Commission The commission must examine every insurer licensed in Virginia at least once every 5 years. Investigation Powers of the Commission The commission has power to examine and investigate the business affairs of any person engaged or alleged to be engaged in the business of insurance in the...

NC Health Insurance Exam Pearson Vue Questions With 100% Correct Answers Pure Risk - answerchance of loss or no loss but not gain insurable Speculative Risk - answerthere is possibility of loss but of gain no insurablility exposure unit - answersubject to loss peril - answercause of loss life insurance - answerdeath Health insurance - answeraccident and sickness hazard - answerincreases the likelihood or severity of loss Three types of hazard - answerphysical, moral, morale physical ha...

LOMA 291 Module 1 Study Questions and Answers Top-Rated correctly Stakeholders (consituents) - answerA party that has an interest in how a company conducts its business. Also known as a constituent. Dividend - answerCompensation that a company may pay to owners upon a vote by the company's board of directors. Stockholder - answerWe stockholders expect the company to grow steadily. We expect to earn a reasonable return, sometimes in the form of dividends. Do you know what a dividend is? ...