Reinsurance - Study guides, Class notes & Summaries

Process 2103 (d-i) Correct Answer: 1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such license. The person must submit to and pass a written examination required by the Superintendent. ...

Wisconsin Accident and Health Insurance Exam 2023 Questions and Answers with complete solution Dividends from a stock company are normally sent to: Beneficiaries Shareholders Policy holders Insureds Shareholders Which of the following financial products creates an instant estate, no matter when the date of death? Mutual funds Life insurance Certificate of deposit Deferred annuity Life insurance Which of the following outlines the authority given to the producer on behalf of the in...

Which of the following describes a participating life insurance policy? - Ans: 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? - Ans: Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At what point must a life insurance applicant be informed of th...

Who regulates and insures claims settlement practices? - ANSWER The States Insurance Department Is Regulate State Insurance Commissioners an objective of the National Association of Insurance Commissioners? - ANSWER No Which of the following financial products creates an instant estate, no matter when the date of death? - ANSWER Life Insurance When a ceding insurer transfers a portion of its risk to an assuming insurer on a case by case basis, this process is referred to as what? - ANSW...

RSK4803 Assignment 3 Semester 2 2024 | Due 7 October 2024. All questions answered with references. Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. (2) a. The chief executive officer held that the responsibility of risk management would be to assess, control and...

CISR Agency Operations Self Quiz 50 Questions with Answers Which one of the following best describes actual authority? - CORRECT ANSWER When the agency is expressly given authority in the agency contract Which one of the following statements best describes the standard of care an insurance agency owes an insurance company? - CORRECT ANSWER Loyalty, good faith, reasonable care and contractual duties Which one of the following is not one of the four benefits of ethical behavior? - CORRE...

According to the California Insurance Code, what term is used to describe a fact so important it could affect the policy premium? - Answer- Materiality Which of the following is NOT a life insurance settlement option? - Answer- Extended Term Option True answer- Life income option, Fixed amount option, Lump Sum option Major Medical expense plans typically use a cost containment measure for emergency care. This is refereed to as a - Answer- Deductible Which type of risk is gambling? -...

Wisconsin Accident and Health Insurance Exam Questions and Answers 100% Pass Dividends from a stock company are normally sent to: Beneficiaries Shareholders Policy holders Insureds Shareholders Which of the following financial products creates an instant estate, no matter when the date of death? Mutual funds Life insurance Certificate of deposit Deferred annuity Life insurance Which of the following outlines the authority given to the producer on behalf of the insurer? R...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

NJ LIFE INSURANCE TEST EXAM 2024 WITH 100% ACCURATE ANSWERS The principle that insurance is not a transaction of commerce and so should be regulated by the states was established by the A. the McCarran-Ferguson Act. B. Public Act 15. C. Paul v. Virginia. D. U.S. v. South Eastern Underwriters Association - correct answer ANSWER HERE A. The McCarran-Ferguson Act A contract between two insurance companies that allows one company to transfer risk to a second company is known as ...