Reinsurers - Study guides, Class notes & Summaries

Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses which are considered catastrophic, Earthquake, snow slides,...

replacement value - ANSWERCost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage - ANSWERCoverage for property specifically identified or scheduled on the insurance policy All Property - ANSWERAll property owned by Insured is covered by a single limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment) Tenant's Improvements - ANSWERBuilding improvements, alterations and betterment's made at the expen...

Life Insurance Test WA State (And General Insurance Review) Questions and Answers Graded A+ When does insured need an insurable interest? when they buy insurance(not like property casualty where have to have at time of claim and not necessarily when buying) when is subrogation used? not in life and seldom in health elimination period what acts as the deductible in health insurance(the term deductible is not used in disibility insurance) - have to actually be disabled for a certian ...

Two methods of determining insurance need: - answer-- Human Life Approach - Needs Approach Human Life Value Approach~ - answer-- One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, planned retirement age, occupation, annual wage, employment benefits, as well as...

What is a Mutual Company? - correct answer A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. Define Lloyd's of London - correct answer Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most...

FL Life, Health and Annuities Licensing 2-15 Latest 2024 Already Passed 3 ways insurance contracts are different than other legally binding documents Number one. They are aleatory. Meaning the insured pays a premium but may not receive anything back. Number 2. They are contracts of adhesion meaning the contract was prepared by one party. number 3. They are unilateral meaning only the insurance company promises anything in the contract How long life insurance has to challenge the validity of a c...

California Insurance Exam Questions and Answers 100% Pass Two methods of determining insurance need: - Answer ️️ -- Human Life Approach - Needs Approach Human Life Value Approach~ - Answer ️️ -- One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, plann...

Pennsylvania Laws and Rules Chapter 12 Questions and Answers Already Passed What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association? 1) Assist an applicant choose the best insurer 2) Assist an applicant choose the right amount of coverage 3) Provide each policyowner a buyer's guide and policy summary 4) Provide policyowner protection if an insurer becomes insolvent Provide policyowner protection if an insurer becomes insolvent Viatical settlement br...

Two methods of determining insurance need: - Answer - Human Life Approach - Needs Approach Human Life Value Approach~ - Answer - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, planned retirement age, occupation, annual wage, employment benefits, as we...

Rhode Island Insurance Exam Spring with Complete Solution the role of insurance is to transfer the risk of financial loss from an individual or business to an insurance company organized and incorporated under state law owned by stockholders who get a paid share of the company's profit through dividends. also referred to as a nonparticipating or non-par bc policy holder do not participate in paid dividends stock insurance company organized and incorporated under state law. but they have ...