Reinsurer - Study guides, Class notes & Summaries

Danforth Grocery Store specializes in fresh produce and is open 24 hours year-round. The store has contracts with suppliers to deliver produce and foods by 5am daily, so the parking area at the rear of the store is congested from 4:30am to 5:30am. Customer traffic is heaviest from 7am to 9am, and again from 3pm to 6pm. The store has had six slip and fall claims from customers in the past year. Danforth Grocery Store is most exposed to which one of the following types of liability loss? ...

Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers a whole life policy that provides a choice of dividend options include the following statement about dividends they accrue at a guaranteed rate they are deferred for one year they are not guaranteed they are guaranteed after the first year - Correct Answers they are not guaranteed When there is a named beneficiary on a life insurance policy, the death benefits 1. are directed to a trustee ...

AZ Life Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: A life policy that has premiums that are lower than normal during the early years is called Decreasing term Modified life Variable life Limited-pay life Answer: Modified life Q: a material change in a modified endowment contract (MEC) results in the contract becoming void a new contestable period the seven pay test, adjustable for cash value, applies again a tax ...

Insurance - correct answer the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - correct answer the chance of loss without any chance of gain; insurable Speculative Risk - correct answer possibility for gain or loss; not insurable Risk - correct answer Chance of loss Exposure - correct answer a condition that could result in loss hazard - correct answer something that increases the chance of loss ...

A provision that allows a policy owner to withdraw a policy's cash value interest free is - CORRECT ANSWER-Partial surrender Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death? - CORRECT ANSWER-Results The "results clause" states the insurer is excused from paying the amount only if the death is a result of war. Who were Keogh plans designed to provide pension benefits for? - COR...

Insurance - Answer-transfer of risk Speculative risk - Answer-has a possibility of both loss and gain Pure risk - Answer-only has a possibility of loss (no gain) Exposure - Answer-risks for which an insurance company would be liable expressed in units Peril - Answer-cause of a loss Hazard - Answer-an increase in the chance of loss Moral hazard - Answer-arise from people's character (faking a loss) Morale hazard - Answer-state of mind or careless attitude (accidentally le...

RMI 3567 Exam 3 Questions and Answers Already Passed Name four examples of alternative capital Pension Plan Endowments Hedge Funds Alt. Asset Manager what is it called when a reinsurer transfers risk to another reinsurer? Retrocession who is the reinsurer who the additional risk is ceded to? Retrocessionaire Who is the primary or reinsurer who transfers the risk? cedent Where are the top insurance markets? US China Japan What is the US insurance market driven by? prop...

Life & Health Insurance Exam Latest Update Graded A+ 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 leaving door un...

risk correct answers the possibility that a loss may occur speculative risk correct answers possibility of loss, possibility of gain (gambling) pure risk correct answers only involving loss, not gain (car accident) exposure correct answers the possibility that loss will occur (house fire) loss correct answers the unforeseen, unintended damage to property, injury, amount paid hazard correct answers anything that increases the chances of a loss occurring moral hazard correct answ...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...