Retrocession - Study guides, Class notes & Summaries

Casualty Producer NJ Exam With Verified Answers (100% Correct) Powers and duties of Commissioner - CORRECT ANSWER-Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - CORRECT ANSWER-10

Casualty Producer NJ Exam Questions And Complete Solutions (100% correct)

C16 Business of Insurance Exam Questions And Answers (Verified And Updated) 5 Ways Insurance companies spread risk - answer-Share risk with other insurance companies (for very large risk, several insurers subscribe to percentage of risk) -Reinsure the risk -deductible -spread risk over diverse geographical region (soften risk of localized disasters) -form risk pools (syndicates of insurance and reinsurance companies, organized to underwrite particular risk) Two principles of insurance -...

Powers and duties of Commissioner - ANSWER Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER 10 Retrocession - ANSWER When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER Agents, brokers or both Insurance agent - ANSWER a licensed insurance producer wh...

Casualty Producer NJ Exam Questions with Verified Answers Powers and duties of Commissioner - answerConduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - answer10 Retrocession - answerWhen a reinsurer transfers risks it has accepted to another insurer Producers can be - answerAgents, brokers or both Insurance...

ARM 402 Exam Practice Exam 2023 With Correct Answers Telematics devices allow organizations to accurately identify patterns of risk and predict risk for which one of the following types of loss exposures? A. Automobile B. Property C. Workers compensation D. Business income A Which one of the following is a major benefit that smart insurance contracts can provide to insurance customers? A. Smart contracts can render a risk completely preventable. B. Smart contracts can provide broader ...

QUESTIONS AND ANSWERS

ARM 402 Exam Practice Exam 2023 With Correct Answers Telematics devices allow organizations to accurately identify patterns of risk and predict risk for which one of the following types of loss exposures? A. Automobile B. Property C. Workers compensation D. Business income A Which one of the following is a major benefit that smart insurance contracts can provide to insurance customers? A. Smart contracts can render a risk completely preventable. B. Smart contracts can provide broader ...

Powers and duties of Commissioner Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing 10 Retrocession When a reinsurer transfers risks it has accepted to another insurer Producers can be Agents, brokers or both Insurance agent a licensed insurance producer who is appointed by an insu...

Insuring Agreement - Correct Answer-company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - Correct Answer-what the policy will not pay for Definitions - Correct Answer-names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - Correct Answer-coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - Corr...