Basic Principles of Life and Health Insurance an Annuities

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Which of the following is NOT an objective of the National Association of Insurance Commissioners?

Regulate state insurance commssioners

A(n)______insurer assumes risk from another insurance company.

Reinsurance

An insurer has a contractual agreement which transfers a portion of its risk exposure to another insurer. What type of contractual arrangement is this?

Reinsurance contract

What is the accounting measurement of an insurance company's future obligations to its policyowners?

Reserves

Which of the following can be defined as a cause of a loss?

Risk

An agent's authority to bind an insurer to an insurance contract may be granted in the

Agent's contract and the insurance company's appointment

Insurance is NOT characterized as which of the following?

As the number of insureds increase the number of losses decrease

A(n)_______agent is an insurance agent who represents only ONE insurance company.

Captive

Which of the following types of insurers limits the exposures it writes to those of its owners?

Captive insurer

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

Facultative reinsurance

A condition that increase the possibility of financial loss is called a(n)

Hazard

For insurance purposes, similar objects which are exposed to the same group of perils are referred to as

Homogeneous exposure units

A(n)______agent may represent several insurers.

Independent

Which of the following financial products creates an instant estate, no matter when the date of death?

Life insurance

Which of the follow is a syndicate established by a group of insurers to share underwriting duties?

Lloyd's organization

Which of the following types of risk is insurable?

Operational

Dividends from a mutual insurance company are paid to whom?

Policyholders

Which of the following accurately describes a participating insurance policy?

Policyowners may be entitled to receive dividends

According to the law of large numbers, how would losses be affected if the number of similar insured units increases?

Predictability of losses will be improved

Which of the following outlines the authority given to the producer on behalf of the insurer?

Producer contract

Which of the following is an unincorporated association whose members provide coverage for one another?

Reciprocal

Which term describes the elimination of a hazard?

Risk avoidance

A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a

Risk retention group

Which of the following describes the act of insuring a risk against possible loss?

Risk transfer

Dividends from a stock insurance company are normally sent to

Shareholders

Which one of these is NOT considered to be an element of an insurable risk?

Speculative risk

Who regulates an insurer's claim settlement practices?

State insurance departments

Which group is the Do Not Call Registry designed to protect against?

Telemarketers

An insurable risk requires

That the chance of loss be calculable

A business becoming incorporated is an example of risk______.

Transfer

A hold-harmless clause is an example of risk

Transference

Purchasing insurance is an example of risk

Transference

A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n)

attorney-in-fact


संबंधित स्टडी सेट्स

Chapter 1 Principles of Psychology

View Set

Principles of Macroeconomics (Chp 13 -16)

View Set