A) the same as the gross premium, B) the gross premium increased for loading, C) the gross premium less the allowance for loading, D) the insurance rate multiplied by the number of exposure units, E) another name for a credible premium. A) the same as the gross premium, B) the gross premium increased for loading, C) the gross premium less the allowance for loading, D) the insurance rate multiplied by the number of exposure units, E) another name for a credible premium.

Exam 23: Functions and Organization of Insurers

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Match the descriptions with their terms: -That portion of an insurance premium designed to cover the insurer's expenses is known as the _________________.

(Multiple Choice)

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Question 21

Match the descriptions with their terms: -Under a/an _________________, the reinsurer is bound to take certain types of risks if offered by the ceding company, but the decision of whether or not to reinsure remains with the ceding company.

(Multiple Choice)

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Question 22

Match the descriptions with their terms: -A/An _________________ is an independent report on an applicant prepared by an outside agency for the purpose of assisting the underwriter.

(Multiple Choice)

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Question 23

Match the descriptions with their terms: -A rating method in which the rate applies uniformly to each member of a group is called _________________.

(Multiple Choice)

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Question 24

Insurance Company XYZ has an agreement to bear 15 percent of all losses and to retain 15 percent of all premiums in a certain type of insurance. Apparently, XYZ has reinsurance of which type?

(Multiple Choice)

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Question 25

The amount of risk retained by a ceding company for its own account is known as the cession.

(True/False)

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Question 26

Claims management in insurance is characterized by all but one of the following:

(Multiple Choice)

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Question 27

The pure premium is

(Multiple Choice)

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Question 28

Match the descriptions with their terms: -The two factors that must be estimated to determine loss and that are subject to errors in forecasting are frequency of occurrence and _________________ of loss.

(Multiple Choice)

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Question 29

Match the descriptions with their terms: -The name given a primary insurer transferring part of the risk to the reinsurer is the _________________.

(Multiple Choice)

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Question 30

An insurance rate must by law in most states meet all but one of the following requirements:

(Multiple Choice)

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Question 31

The proportion of general account assets of life insurers invested in bonds is most closely approximated by

(Multiple Choice)

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Question 32

The most common types of pro-rata reinsurance treaties are surplus and quota share treaties.

(True/False)

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Question 33

Match the descriptions with their terms: -An organization that helps individual insurers develop satisfactory rates is known as a/an _________________.

(Multiple Choice)

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Question 34

Match the descriptions with their terms: -The _________________ is the portion of an insurance premium designed to cover the expected loss.

(Multiple Choice)

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Question 35

Match the descriptions with their terms: -The _________________ is an example of a surplus treaty.

(Multiple Choice)

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Question 36

Associations such as Industrial Risk Insurers are important in underwriting.

(True/False)

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Question 37

The concept of "fairness" in insurance rate making is best described by which of the following?

(Multiple Choice)

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Question 38

The Insurance Services Office (ISO) is a loss adjustment office for insurance companies.

(True/False)

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Question 39

A discount from a manual rate is called a deviation.

(True/False)

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Question 40

Showing 21 - 40 of 66

Exam 23: Functions and Organization of Insurers

Match the descriptions with their terms: -That portion of an insurance premium designed to cover the insurer's expenses is known as the _________________.

Match the descriptions with their terms: -Under a/an _________________, the reinsurer is bound to take certain types of risks if offered by the ceding company, but the decision of whether or not to reinsure remains with the ceding company.

Match the descriptions with their terms: -A/An _________________ is an independent report on an applicant prepared by an outside agency for the purpose of assisting the underwriter.

Match the descriptions with their terms: -A rating method in which the rate applies uniformly to each member of a group is called _________________.

Insurance Company XYZ has an agreement to bear 15 percent of all losses and to retain 15 percent of all premiums in a certain type of insurance. Apparently, XYZ has reinsurance of which type?

The amount of risk retained by a ceding company for its own account is known as the cession.

Claims management in insurance is characterized by all but one of the following:

The pure premium is

Match the descriptions with their terms: -The two factors that must be estimated to determine loss and that are subject to errors in forecasting are frequency of occurrence and _________________ of loss.

Match the descriptions with their terms: -The name given a primary insurer transferring part of the risk to the reinsurer is the _________________.

An insurance rate must by law in most states meet all but one of the following requirements:

The proportion of general account assets of life insurers invested in bonds is most closely approximated by

The most common types of pro-rata reinsurance treaties are surplus and quota share treaties.

Match the descriptions with their terms: -An organization that helps individual insurers develop satisfactory rates is known as a/an _________________.

Match the descriptions with their terms: -The _________________ is the portion of an insurance premium designed to cover the expected loss.

Match the descriptions with their terms: -The _________________ is an example of a surplus treaty.

Associations such as Industrial Risk Insurers are important in underwriting.

The concept of "fairness" in insurance rate making is best described by which of the following?

The Insurance Services Office (ISO) is a loss adjustment office for insurance companies.

A discount from a manual rate is called a deviation.

Introduction to Risk

Risk Identification and Evaluation

Property and Liability Loss Exposures

Life, Health, and Loss of Income Exposures

Risk Management Techniques: Noninsurance Methods

Insurance As a Risk Management Technique: Principles

Insurance As a Risk Management Technique: Policy Provisions

Selecting and Implementing Risk Management Techniques

Risk Management and Commercial Propertypart I

Risk Management and Commercial Propertypart II

Risk Management and Commercial Liability Risk

Workers Compensation and Alternative Risk Financing

Risk Management for Auto Ownerspart I

Risk Management for Auto Ownerspart II

Risk Management for Homeowners

Loss of Life

Loss of Health

Retirement Planning and Annuities

Employee Benefits: Life and Health Benefits

Employee Benefits: Retirement Plans

Financial and Estate Planning

Risk Management and the Insurance Industry

Government Regulation of Risk Management and Insurance

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