AINS 21

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When individual fire insurance rates are established for commercial insureds, the rate is published and the published rate is applied

"Per $100 of insurance."

World Insurance Company has the following assets (all figures in '000s): Cash $50,000 Stocks $400,000 Bonds $200,000 Real estate $500,000 Furniture and office equipment $70,000 Premium balance due in less than ninety days $20,000 Premium overdue more than ninety days $10,000 What is the amount of World's total admitted assets?

$1,170,000 Furniture and office equipment ($70,000) and premiums overdue more than ninety days ($10,000) are nonadmitted assets; the total remaining assets are admitted and total $1,170,000.

A liability loss has the following damages: Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and suffering:$100,000 What is the amount of special damages?

$10,000

A liability loss has the following damages: Medical expenses: $ 10,000 Damages for disfigurement: $ 50,000 Damages for pain and suffering: $ 100,000 What is the amount of special damages?

$10,000 The amount of special damages is $10,000. Special damages are for specific, identifiable expenses.

A liability loss has the following damages: Medical expenses: $10,000 Damages for disfigurement: $50,000 Damages for pain and suffering: $100,000 What is the amount of general damages?

$150,000 The amount of general damages is $150,000. General damages are for losses that do not have a specific economic value.

Sports, Inc. is looking to obtain a commercial property policy on its building for $400,000. If their insurer decides to charge them a rate of $0.50 per $100 of building insurance, what premium must Sports, Inc. pay?

$2,000 [$400,000 (insured value) ÷ $100 (exposure unit size)] x $0.50 (rate per unit) = $2,000.

On November 1, Mammoth Insurance Company issued a one-year business auto policy to Mid-State Painting Company with a premium of $24,000. What was the unearned premium for this policy as of December 31?

$20,000 The unearned premium was $20,000 because ten months of coverage remained. 10/12 X $24,000 = $20,000

A policy provides coverage starting on April 1 with an annual premium of $800. How much premium is earned as of June 30?

$200 The earned premium is $200 because three months of coverage have been provided. 3/12 X $800 = $200

The financial report for Apex Insurance contains the following information (all figures in '000s): Admitted assets $500,000 Nonadmitted assets $400,000 Liabilities $300,000 What is the amount of Apex Insurance's policyholders' surplus?

$200,000 Policyholders' surplus equals total admitted assets minus total liabilities: $500,000 - $300,000 = $200,000

Atwell Insurance Company has the following expenses: Dividends $50,000Claim staff salaries $90,000Agents' commissions $180,000Advertising costs $30,000Rent and utilities $40,000 What is the amount of Atwell Insurance Company's acquisition expenses?

$210,000 Acquisition expenses = Sales salaries, commissions, and bonuses + advertising. $180,000 + $30,000 = $210,000. Rent and utilities are part of general expenses.

On November 1, Peafowl Insurance Company issued a one-year business auto policy to Tri-State Painting Company with a premium of $24,000. What was the written premium for this policy as of December 31?

$24,000

$24,000 The written premium was $24,000, the amount the insured was billed at the beginning of the policy period.

Brown Insurance Company has the following expenses: Dividends$70,000Claim staff salaries$100,000Agents' commissions$200,000Advertising$50,000Rent and utilities$60,000 What is the amount of Brown Insurance Company's acquisition expenses?

$250,000 Acquisition expenses = Sales salaries, commissions, and bonuses + advertising. $200,000 + $50,000 = $250,000. Rent and utilities are part of general

XYZ Manufacturing (XYZ) has a Commercial General Liability (CGL) Coverage Form with a $2,000,000 each occurrence limit, a $3,000,000 general aggregate limit, and a $3,000,000 aggregate limit for products and completed operations. If XYZ has products liability losses of $1,500,000, $1,200,000, and $500,000 during the policy period, how much would the CGL policy pay for the losses?

$3,000,000 XYZ's policy would pay up to the aggregate limit for products and completed operations, ($3,000,000).

Bob is shopping for auto insurance. Insurance Company A's rating system determines that Bob should be charge $800 per auto. If Bob is looking to insure four autos, what premium will he be charged by Insurance Company A?

$3,200 $800 per auto x 4 autos = $3,200.

John had an unendorsed homeowners policy. John's two-year-old bicycle was stolen. The bicycle's purchase price was $700, its current replacement cost is $800, and depreciation was estimated at $450. What was the bicycle's actual cash value?

$350 ACV=Replacement cost - Depreciation. The bicycle's actual cash value is $350: $800 − $450 = $350.

If a manufacturer has $1 million in annual sales, its liability insurance is priced per 1,000 of sales, and the per-unit rate is $0.50, what is the manufacturer's liability insurance premium?

$500 Calculated at 1,000 units ($1 million sales ÷ price per $1,000) × $0.50 rate = $500.

To analyze the possible financial consequences of an income loss to his business, Joe estimates his normal revenue and expenses and compares them to his estimated revenue and expenses should a loss occur. Normal Operations Post-Loss Revenue $120,000 $0 Expenses $70,000 $40,000 Net Income $50,000 ($40,000) Based on Joe's estimates, which one of the following represents his projected reduction in net income that could be covered by business income insurance?

$90,000 Business income insurance pays for the reduction in net income, which considers both the net income that would have occurred and the net loss that does occur. Joe's projected net income loss is $90,000: $50,000 he would have realized in normal operations + $40,000 lost in continuing expenses that are not offset by revenue, equals $90,000.

Under certain circumstances, an insurer may authorize the adjustment of claims by producers. One of the benefits of providing producers with draft authority is that...

...if an agent can issue a draft directly to the insured, it reduces the time an insured waits for payment

The common distinction between line underwriter and staff underwriters is that line underwriters...

...implement the steps in the underwriting process. Staff underwriters assist underwriting management with formulating underwriting policy

The best description of a third-party claim is a claim...

...made against the policyholder by someone to whom the policyholder may be liable

A reputation for resisting legitimate claims can...

...undermine the effectiveness of an insurer's advertising

For an insurer to be considered solvent, states require it to have financial reserves...

...well in excess of its ordinary expenses

The financial report for Hometown Insurer contains the following information: Earned premiums$4,000,000Written premiums$5,000,000Net investment income$1,000,000Incurred losses$3,000,000Incurred underwriting expenses$2,000,000 What was the Hometown Insurer's combined ratio?

115% Hometown's combined ratio equals its loss ratio ($3,000,000/$4,000,000) or 75 percent, plus its expense ratio ($2,000,000/$5,000,000) or 40 percent, for a total of 115 percent.

The financial report for Hometown Insurer contains the following information: Earned premiums$4,000,000Written premiums$5,000,000Net investment income$1,000,000Incurred losses$3,000,000Incurred underwriting expense$2,000,000 What is Hometown Insurer's investment income ratio?

25% Hometown's investment income ratio equals its net investment income ($1,000,000) divided by its earned premiums ($4,000,000), or 25 percent.

The financial report for LMN Insurance contains the following information: Earned premiums $8,000,000Written premiums $10,000,000Incurred losses $6,000,000Incurred underwriting expenses $4,000,000 What is LMN Insurance's expense ratio?

40% Expense Ratio = Incurred underwriting expenses ÷ Written premiums: $4 million ÷ $10 million = .40 (40%)

The financial report for Hometown Insurer contains the following information: Earned premiums $4,000,000 Written premiums $5,000,000 Net investment income $1,000,000 Incurred Losses $3,000,000 Incurred underwriting expense $2,000,000 What is Hometown Insurer's expense ratio?

40% Hometown Insurer's expense ratio is its incurred underwriting expenses ($2,000,000) divided by its written premiums ($5,000,000), or 40 percent.

75% Hometown Insurer's loss ratio is its incurred losses ($3,000,000) divided by its earned premiums ($4,000,000), or 75 percent.

Which would likely be an unacceptable practice under most states' unfair claims practices act?

A claim representative is asked by an insured if a claim is covered by the policy's liability coverage and the claim representative responds "no" even though he knows it is covered elsewhere in the insured's policy.

Which one of the following statements about policy parts is true?

A condition clarifies an insurer's promise or an insured's duty.

Doug owned a restaurant in Iowa. It is illegal to conduct any type of gambling activity in Iowa. However, business was slow and Doug replaced his restaurant furniture and fixtures with slot machines and poker tables. Doug enters into several contracts. Which one of the following is an example of a contract with a legal purpose?

A contract for life insurance on Doug's life for death by accident. A legally binding contract would ordinarily not be valid if the formation or performance is illegal, such as the illegality of gambling at Doug's place of business. Parties to an illegal contract cannot recover damages or value for partial performance.

An insurer has decided to take an extremely narrow interpretation of a property insurance policy provision to limit the number of loss payments it will need to make. It realizes that its interpretation is probably wrong, but it knows that individual insured's loss amounts will be small, such that most insureds will not take the trouble to file lawsuits against it. The insurer may be violating the principle that an insurance policy is

A contract of utmost good faith.

A characteristic of a mutual insurance company:

A corporation owned by policyholders that provides insurance to its policyholders

Which one of the following insurance customers is most likely to obtain coverage through a surplus lines broker?

A drug manufacturer seeking umbrella liability insurance

The elements of negligence are

A duty owed by the defendant to the plaintiff, a breach of the duty, proximate cause, and injury.

The liability coverage agreement of the business auto policy states each of the following duties of the insurer

A duty to provide other services to the insured A duty to pay damages A duty to defend the insured NOT: A duty to comply with laws and regulations

An insurance contract is designed to be ___ in the event of a claim:

A financial mechanism that can benefit policyholders and other claimants. A way to restore a claimant to pre-loss condition. A means to afford peace of mind to the insurer. NOT: A means to provide a profit to the insured

An Ohio insurer that is licensed to sell insurance in Michigan is known as what in Michigan?

A foreign insurer

An essential element of a contract is that the parties to the contract are in agreement, which is

A general agreement stating that the insurer is providing the coverage subject to payment of premium and to the terms of the policy.

Underwriting management arranges treaty reinsurance to reinsure

A group or group of insureds

A type of individual rate that is used to develop a premium for a unique exposure for which there is no established rate is known as

A judgment rate

Which one of the following losses would be covered under a typical broad form property policy but not under a basic form policy?

A large limb from a decaying tree falls onto a building causing damage to the building.

Which type of insurance policy is least likely to be considered a contract of adhesion?

A manuscript policy

Perils are an important aspect of property insurance. Which one of the following statements is correct with respect to perils?

A peril is the actual means by which property is damaged or destroyed such as fire, lightning, windstorm, hail, or theft.

From the insurer's perspective, occurrence basis liability coverage entails the possibility that the insurer will have to pay liability claims that surface long after

A policy has expired.

Which statement is true regarding traditional marketing systems for insurance?

A principal characteristic that distinguishes one traditional marketing system from another is the ownership of policy expirations

Ling has noticed that her neighbor has recovered money for two homeowners property claims and an auto damage claim he has filed in recent years. Ling has been paying insurance premiums for many years and has never suffered a loss or made a claim. She feels that her insurance contracts over the years have been worthless to her. What Ling does not understand is that she has been paying premiums in exchange for

A promise of protection

If a claim is complex or if settlement negotiations are not progressing with the insurer, the insured may hire

A public adjuster.

The laws of agency impose all of these specific duties on all agents

Accounting. Relaying information. Loyalty. NOT: Knowledge

Which factor is a qualitative factor?

Accurate evaluation of insured's liability

A secured lender (secured creditor)

Acquires conditional rights to property, such as the right to repossess it if loan payments are not made

Compensatory damages represent

Actual harm suffered

Which is considered to be an acquisition expense for an insurance company?

Advertising expenses

An agency in New Jersey has decided to market personal insurance to accountants. It is offering a 10 percent discount to all Certified Public Accountants in the state. This is an example of which one of the following types of group marketing?

Affinity Marketing - When insurers target various customer groups based on profession, interests, hobbies, or attitudes

When an insurer appoints an agent to act on its behalf, the agent's scope of authority is spelled out in the

Agency contract

The two most common valuation approaches in property insurance policies are replacement cost and actual cash value. A third approach, used for certain types of property, involves

Agreed value

The validity of a contract depends on all of the following essential elements

Agreement. Consideration. Legal purpose. NOT: Adhesion

How does the law of large numbers assist insurers?

Allows reliable estimates of future loss amounts

The Bakery, an applicant for commercial property insurance, has experienced a series of property losses over the past three years. In order to find this applicant viable, the underwriter agrees to increase the property deductible. This type of underwriting modification is known as

Amending policy terms and conditions

Jerry is an experienced claim adjuster who handles claims for Jackson Insurance Company during hurricane season when Jackson's staff adjusters need assistance. Jerry is

An independent adjuster.

A person or entity that would suffer a financial loss if property were damaged has

An insurable interest.

An independent business owner or firm that sells insurance by representing customers rather than insurers is which one of the following?

An insurance broker

Harry has a new sports car that is insured with an Insurance Services Office, Inc. (ISO) Personal Auto Policy sold through his neighborhood agent. Because this is the first new car he's ever owned, Harry is interested in making sure he is fully covered and knowledgeable about his insurance policy. Which one of the following is true for Harry?

An insurance contract, like the ISO policy Harry purchased, has certain additional characteristics other than those of typical valid contracts.

A flex rating law is:

An insurance rating law under which prior approval is required only if the new rates exceed a certain percentage above (and sometimes below) the rates previously file

A flex rating law is

An insurance rating law under which prior approval is required only if the new rates exceed a certain percentage above (and sometimes below) the rates previously file.

Which one of the following is an opportunity cost of insurance?

An insured's funds that could be invested elsewhere if purchasing insurance were not necessary

A foreign insurer

An insurer formed in one state, but doing business in another state, is known as a foreign insurer in the state where it is doing business

Which one of the following is an example of a fortuitous loss?

An unknown vandal spray-paints graffiti on the insured's garage.

Generally, how often must a foreign insurer's license be renewed?

Annually

A commercial general liability policy typically provides insured status to

Any organization newly acquired by the named insured for up to a certain number of days.

The medical payments coverage in the Personal Auto Policy (PAP) applies to

Any person occupying a covered auto. Medical payments coverage applies regardless of fault to the named insured and defined family members, plus any other person while occupying a covered vehicle. Injuries occurring during employment are excluded from medical payments coverage if workers compensation benefits are required or available.

Define a hazard

Anything that increases the frequency or the severity of a loss

An agent may at times act on behalf of the principal in ways that the principal did not intend, and a third party reasonably believes that the agent has sufficient authority. This authority is known as

Apparent authority

Ching is a commercial claim representative who has been assigned a large fire loss. Ching suspects that the insured may not have been completely honest in describing the property before the policy was issued such that coverage for the claim may be denied. In which document might Ching find the representations of the insured regarding the property's description?

Application

All of the following are principal sources of underwriting information

Applications. Financial rating services. Producers. NOT: Underwriting authority reports

Which one of the following is a common alternative dispute resolution (ADR) technique.

Arbitration

General Damages:

Are compensatory damagers that don't have an economic value

An insurer's net underwriting gain or loss provides a better measure of the insurer's marketing, underwriting, and claims skills than its overall gain or loss from operations. This is true because the overall gain or loss from operations includes investment gains or losses that

Are not directly related to how well the insurer conducts its marketing, underwriting, and claims activities.

Insurers generally have the option to repair, replace, or pay the value of lost or damaged property. These options

Are settlement options.

One aspect of good-faith claim handling is the fair evaluation of the claim. A fair approach to evaluating liability claims is for the claim representative to evaluate them

As if no coverage limit existed.

A reinsurance company

Assumes loss exposures from a primary insurer.

The state of Maryland operates a residual auto plan (the Maryland Auto Insurance Fund—MAIF) that provides coverage for drivers who are unable to obtain coverage from private insurers. Which one of the following is the best rationale for the MAIF program?

Auto insurance is compulsory, and the program makes it possible for all drivers to have reasonably priced insurance. Maryland is involved in insurance to facilitate compulsory insurance purchases.

Martha works in the city and drives to work each day. She is concerned about her auto exposures due to driving in the city. If Martha sells her vehicle and begins using public transportation, which one of the following risk management techniques will she be applying to her situation?

Avoidance

The risk management technique that eliminates a loss exposure and reduces the chance of loss to zero is

Avoidance

Waking up on a cold February morning, Amy discovers the roads are icy and snow covered. Concerned about driving to work and possibly having an accident, she decides to take the day off. Amy's decision is an example of which one of the following risk management techniques?

Avoidance

Though premiums are an obvious cost of insurance, many insureds believe they are too high because:

Benefits are intangible until a loss occurs

Though premiums are an obvious cost of insurance, many insureds believe they are too high because

Benefits are intangible until a loss occurs.

As Bob walks down a country road, he sees a barn on fire. There are several animals in the barn. Bob is afraid of fire so he leaves. Later, the owner of the barn sues Bob for negligence because the barn and the animals burned. Which one of the following best describes Bob's legal situation?

Bob will not be held liable because he had no legal duty to endanger himself.

Many businesses have refrigeration equipment, production equipment, steam boilers, and air conditioning systems. These are all examples of

Boilers and machinery.

A homeowners insurance policy typically includes:

Both property and liability coverage

All of the following are similarities between agents and brokers

Bother are intermediaries between insurers and insurance buyers. Both collect premiums from insureds and remit to insurers. Both sell insurance appropriate to customers' insurance needs. NOT: Both are legal representatives of insurers

Which is an element of negligence?

Breach of duty owed

Commercial property insurance policies usually refer to the contents of buildings as business personal property. Which one of the following best describes the coverage typically provided for business personal property?

Business personal property includes furniture, machinery, equipment, and stock that are not part of the building.

How do underwriting guidelines help an insurer achieve its goals?

By providing rules that guide underwriters toward consistent decisions

A company interested in improving cash flow should consider meeting its insurance needs through which one of the following types of insurance organizations?

Captive insurers

Which one of the following is a required component of the commercial property coverage part that specifies the perils covered?

Causes of loss form

Which best describes how effective risk management best benefits society?

Causing fewer disruptions in the economic and social environment

Sound risk management benefits society in each of the following ways

Causing fewer disruptions in the economic and social environment. Stimulating economic growth. Reducing the number of people dependent on society for support. NOT: Increasing opportunity costs

Which best describes the monitoring and revising step in the risk management process be simply described?

Check to make sure the decisions made are still valid and make changes as needed

Which one of the following concerning claim status reports is true?

Claim status reports are vital to an insurer because the reports advise the insurer how the claim is progressing on a periodic basis.

What concerning claim status reports is true?

Claim status reports are vital to an insurer because the reports advise the insurer how the claim is progressing on a periodic basis. The progress of the claim is recorded as is requests for reserve changes, requests for assistance and settlement authority, if the amount payable exceeds the claim adjuster's authority

Sofie, a property underwriter for Cintriell Insurance Company is reviewing a new homeowners application. Sofie has changed the protection class to unprotected, as the fire protection class listed by the producer is an eight and is incorrect. Which one of the following line underwriter activities is Sofie performing?

Classifying and pricing accounts

Many property insurance policies contain a provision that reduces the amount of recovery for loss if the property is underinsured. This provision is known as

Coinsurance

Which one of the following types of auto physical damage coverage responds to damage to a motor vehicle that is caused by its impact with another vehicle or object?

Collision

Coverage for money, securities, and other property from various causes of loss such as burglary, robbery, theft, and employee dishonesty typically is provided by:

Commercial crime insurance

Liability coverage for loss exposures arising from a business organization's premises and operations, its products, or its completed work is typically provided by:

Commercial general liability insurance

A policy that combines property, crime, and liability coverages into one policy is referred to as a(n)

Commercial package policy (CPP).

The type of insurance most likely to use individual rates is

Commercial property

In the event of a serious auto accident, what type of law would determine who was at fault?

Common law

Which one is an example of general damages?

Compensation for disfigurement

Documents that can become part of an insurance policy include

Completed application. Relevant statutory terms and provisions. Insurer's bylaws. NOT: Summary of available coverage option

Telephone Company installs fiber-optic cable using a trenching machine that digs a trench, buries the cable, fills in the trench, and reseeds, all in one pass. The trenching machine can install cable in a fifty-home neighborhood in one day. Soon after the trenching machine passes by, a member of the community steps on the trenched area, sinks in, and breaks his leg. This is an example of a liability loss exposure arising out of

Completed operations

County Janitorial Service has contracted with local bars and taverns to clean their restrooms on a daily basis. County's greatest liability exposure is probably

Completed operations.

The principal method of determining a prospect's insurance needs is through

Completing a risk management review for the prospect

When Joshua purchased his home, he did not tell his insurer that he kept flammable chemicals in his basement for use in a hobby. Joshua is aware that storing the chemicals increases the potential for loss to his home. The fact that the insurer does not have this information is an example of which one of the following?

Concealment of material fact

This illustrates that an insurance policy is a

Conditional contract

Underwriting activities typically performed by staff underwriters:

Conduct underwriting audits. Research the market. Formulate underwriting policy. NOT: Support producers and insured (line underwriter's responsibility)

The following are correct with respect to the elements of good-faith claim handling

Consistent supervision, thorough training, and manageable caseloads help ensure that claim representatives are able to handle claims in good faith. Claim representatives should use policy provisions, such as arbitration clauses, when applicable to resolve disputes over the settlement amount. If the insured has excess insurance, the claim representative should notify the excess insurer of the claim and provide the insured with copies of all communications. NOT: When resolving a coverage question, insurers should avoid the appearance of bad faith by dealing only with those lawyers hired to defend the insured.

The law that specifies the structure and powers of the three branches of the federal government is

Constitutional law

A producer is usually paid a fee for performing which one of the following functions?

Consulting

Which is a typical adjuster activity during the claim handling process?

Contacting the insured

Which one of the following is a typical adjuster activity during the claim handling process?

Contacting the insured.

Individuals and families benefit from effective risk management in which way?

Continuing activities following an accident or other loss, and thus reducing inconvenience

Because insurance contracts impose an obligation of complete honesty on the parties, an insurance contract is called a

Contract of utmost good faith.

Which one of the following statements is true regarding the distinguishing characteristics of insurance contracts?

Contracts of adhesion significantly influence the enforcement of insurance policies.

Which one of the following potential financial consequences of liability loss exposures is often difficult to quantify?

Damage to reputation

Rating agencies such as Dun & Bradstreet (D&B) provide

Data on credit ratings of businesses.

Insurance policy limits, deductibles, and policy premium are found in which category of insurance policy provisions?

Declarations

The property casualty insurance policy provisions that indicate who or what is covered, and where and when coverage applies, are found in the

Declarations

Which one of the following categories of insurance policy provisions outlines what is covered and where and when coverage applies?

Declarations

Commercial general liability insurance policies written on an occurrence basis apply to bodily injury and property damage that occurs during the policy period. This provision supports the principle that insurable loss exposures must ideally be

Definite

The investment income ratio indicates the

Degree of success achieved by the insurer in its investment activities.

If an insured submits a claim for a seven-year-old refrigerator that was damaged due to lightning, the adjuster will probably factor in an allowance for wear and tear. This is called

Depreciation

The two objectives of insurance policy form regulation are to ensure that policies are clear and readable and to

Detect and address any policy provisions that are unfair.

If an insured's house burns to the ground due to faulty wiring, the most difficult part of the claim handling process will probably be...

Determining the amount of damages

The processing of almost every claim involves what activity?

Determining the amount of damages or extent of loss

If an insured's house burns to the ground due to faulty wiring, the most difficult part of the claim handling process will probably be

Determining the amount of damages.

An underwriter receives a renewal application for a property quote from his producer. The applicant has had a series of small losses in the recent past. The underwriter is debating whether to reject the submission or quote it with a property deductible of $5,000. During which one of the following steps in the underwriting process is the underwriter involved?

Developing underwriting alternatives

Which one of the following methods of premium collection is generally used for personal insurance policies and small commercial accounts?

Direct bill

Rhonda is a personal lines insurance producer. Under the terms of her agency contracts, the insurers forward policies promptly to Rhonda's customers and send a premium invoice with the policy. Insureds are instructed to remit premium payments to their insurer. The insurers calculate Rhonda's commissions and forward those commission payments to her monthly. Rhonda is operating under which one of the following payment procedures?

Direct bill basis

Which premium collection method is used in the majority of personal insurance sales?

Direct bill process

Which one of the following insurance distribution channels usually cuts compensation costs greatly but has higher advertising costs?

Direct response

Insurance Company D (ICD) has traditionally used regional brokers to market and produce its insurance products. The management team at ICD has decided it wants to launch a new specialized product. The marketing plan includes ICD's desire to control the targeted number of monthly applications as well as the methods that will be used to advertise and campaign to achieve the desired results. Which one of the following distribution systems will best allow ICD the desired control?

Direct writer - The direct writer system will best allow ICD the desired control because an insurer can exercise the greatest control over producers in the direct writer system

Erin has recently graduated from college and relocated to Chicago. She has purchased a car and rented an apartment and now needs to purchase insurance. Erin is looking for minimum coverages and the lowest price available. Which one of the following is likely the best distribution system to meet Erin's needs?

Direct writer Internet search

Bill is an insurance producer for ABC Insurance Company (ABC). He represents only ABC when marketing insurance products. ABC compensates Bill primarily through salary, and he has no ownership rights to policy expirations. Bill is a producer in the

Direct writer marketing system. Direct writer marketing systems use sales agents who are direct employees of the insurer

The type of insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury is:

Disability income insurance

A small business owner concerned about something happening and not being able to work or earn a living for an extended period of time due to an accident should purchase

Disability insurance

All of the following are typical examples of conditions in an insurance policy pertaining to the insured's obligations

Documenting losses. Reporting losses in a timely manner Paying premiums NOT: Defending itself from lawsuits

When a firm is selecting a distribution channel, which one of the following is an important consideration with regard to its operations?

Does the selected channel capitalize on its core capabilities?

Barton Industries keeps copies of key documents stored at a second location. The risk control technique Barton Industries is using is

Duplication

Which is true regarding enterprise-wide risk management (ERM)?

ERM is an approach to managing all of an organization's key risks and opportunities

Which is the best measure of the amount of insurance provided for a given period?

Earned premium - they are the portion of written premiums that apply to the part of the policy period that has already occurred

The formula for determining an insurer's net underwriting gain or loss is

Earned premiums - (losses + underwriting expenses).

Admitted assets are types of property that regulators allow insurers to show as assets on their financial statements because they are

Easily converted to cash at or near their market value.

A policy exclusion can serve all of the following purposes

Eliminate coverage for uninsurable loss exposures. Help manage morale hazards. Eliminate coverages requiring special treatments. NOT: State the coverages exclusively provided by the policy

Which one of the following best describes how effective risk management benefits insurers?

Encourages insurers to create innovative products and offer competitive prices

Which one of the following is the correct term for documents that are used to modify commercial property coverage to meet the specialized needs of particular insureds?

Endorsements

One way for claim managers to help maintain an insurer's underwriting profit is to...

Establish appropriate spending policies

During which one of the following steps in the underwriting process would an underwriter request a risk control visit to a prospective policyholder's location?

Evaluating the submission

During which step in the underwriting process would an underwriter request a risk control visit to a prospective policyholder's location?

Evaluating the submission

Ships and their cargoes represent a special category of property insurance. Which one of the following statements is correct with respect to this category?

Even more than other property, ocean cargoes fluctuate in value according to their location

Law Firm asked Insurance Company to provide both a commercial liability policy and a professional liability policy to meet its coverage needs. Insurance Company believes that there could be some types of losses that would be covered under both policies, a situation it wishes to avoid. What type of policy provisions could Insurance Company use to address this problem?

Exclusions

A net income loss exposure is a condition that presents the possibility of loss caused by a reduction in net income. In a given time period, net income equals revenue minus

Expenses and income taxes

What is the fundamental measure of loss exposure used in insurance rating?

Exposure unit

Which one of the following is the fundamental measure of loss exposure used in insurance rating?

Exposure unit

Insurers do not use the law of large numbers to predict future losses from hurricanes because

Exposure units are not independent.

The authority that the principal specifically grants the agent is called

Express authority

Authority that the insurance company specifically grants to an agent is called

Express authority.

Manufacturer Tyler was in the welding business. Tyler tried to save money by "enhancing" the solder with an inferior product as well as thinning the welds. These practices led to defective welds which resulted in a collapse of the welds inflicting bodily injury on an individual. In a negligence case against Tyler, a plaintiff must prove that Tyler

Failed to use reasonable care

Many liability policies cover medical payments for injured persons, regardless of

Fault

Which is true regarding government involvement in insurance?

Federal and state government are involved in insurance to facilitate compulsory insurance purchases

Which one of the following statements is correct regarding government involvement in insurance?

Federal and state government are involved in insurance to facilitate compulsory insurance purchases.

Which one of the following would be a critical strength required for a personal lines insurer planning to expand geographically through web-based distribution?

Financial resources

Which would be a critical strength required for a personal lines insurer planning to expand geographically through web-based distribution?

Financial resources

In commercial insurance, the person who is responsible for paying premiums and who also has the right to receive any return premiums is the

First named insured

All of the following are underwriting activities typically performed by staff underwriters

Formulate underwriting policy Conduct underwriting audits Research the market NOT: Support producers and insureds

State government involvement in Workers Compensation Insurance involves

Functioning as an exclusive insurer. Operating as a residual market. Competing with private insurer. NOT: Providing coverage through insurance pools

Damages for disfigurement are a form of

General damages

In a liability claim, damages awarded for pain and suffering incurred by the claimant are referred to as

General damages

In a liability claim, damages awarded for pain and suffering incurred by the claimant are referred to as:

General damages

Damages for the loss of the ability to bear children are a form of

General damages.

Which describes a reason for government involvement in property-casualty insurance?

Government programs can meet legitimate public demands unmet by private insurers.

Which one of the following correctly describes a reason for government involvement in property-casualty insurance?

Government programs can meet legitimate public demands unmet by private insurers.

Which is correct with regard to the submission evaluation step in the underwriting process?

Government records that provide underwriting information include motor vehicle reports, criminal records, and civil court records

Which one of the following statements is correct with regard to the submission evaluation step in the underwriting process?

Government records that provide underwriting information include motor vehicle reports, criminal records, and civil court records.

Personnel loss exposures can be comprised of all the following

Groups of employees. Individual employees. Owners, officers, and managers. NOT: Shareholders

The definitions section of the policy

Helps clarify real or perceived ambiguity

Exposures with the potential of low frequency but high severity should generally be insured because they are

Highly unpredictable.

Which correctly describes a property insurance policy covering property of others?

Homeowners policies provide coverage for the personal property of others, such as guests or employees, while the property is in the insured's home.

A property insurance policy specifies what property is covered and where it is covered. Which one of the following is correct with regard to the property or location covered for a specific type of insurance policy?

Homeowners policies typically cover personal property on a worldwide basis, with some limitations.

An important question for an insurer to ask when examining customers' needs and characteristics to select a distribution channel is

How quickly can inquiries and transactions be processed?

Loss exposure surveys, or checklists, are methods used to

Identify loss exposures

Which one of the following lists the steps in the risk management process in the correct order?

Identify loss exposures, analyze loss exposures, examine techniques, select techniques, implement techniques, monitor, and revise the program

A physical inspection is a method used to

Identify loss exposures.

The first step in the risk management process is to

Identify loss exposures.

Don is an agent trying to find appropriate coverage for his customer, Wayne Industrial Supplies, which has large, unique, and hard-to-place commercial loss exposures. Fortunately, Wayne is in a state that has deregulated some insurance coverages, which will make Don's job a little easier. Based on this information, which one of the following statements is true?

If Wayne's loss exposures can be covered by inland or ocean marine coverages, these may be exempt from regulation.

Which is true regarding the administration of the Insurance Regulatory Information System (IRIS)?

If regulators determine that an insurer is insolvent, the state insurance department places it in receivership

Which one of the following is true regarding the administration of the Insurance Regulatory Information System (IRIS)?

If regulators determine that an insurer is insolvent, the state insurance department places it in receivership.

Sho Ching is risk manager for Market Sales Company. Market Sales owns a large fleet of autos used by the sales employees. The fleet is insured with $1,000 physical damage deductibles. Sho Ching is concerned about an increasing frequency of auto accidents in recent years. Which one of the following is the best risk management option for addressing the increased frequency of accidents from the fleet of autos?

Implement loss prevention programs

Larger organizations often have a written risk management statement outlining procedures and authority for

Implementing risk management techniques.

Helen, the risk manager of a supermarket, has decided that the store needs a sprinkler system. She needs to check on the local water supply and building permits and decide what is necessary to comply with local ordinances as well as decide how much the supermarket can afford to spend on the system. Helen is making these decisions as part of

Implementing the selected risk management technique

The scope of an agent's authority can go beyond the terms of the agency contract and may include authority to perform other tasks customary to the agency relationship. This authority is referred to as

Implied authority

Which describes a benefit to businesses of making insurance part of an overall risk management program instead of relying solely on insurance?

Improved access to affordable insurance

Which one of the following describes a benefit to businesses of making insurance part of an overall risk management program instead of relying solely on insurance?

Improved access to affordable insurance

The value of an insurance contract in the event of a claim

Includes peace of mind

Net income losses can be caused by which one of the following?

Increases in expenses

In the selection of appropriate risk management techniques, financial management decisions are often made with the objective of

Increasing operation efficiency

The process of restoring an individual or organization to a pre-loss financial condition is the process of

Indemnification

The primary role of insurance is to

Indemnify individuals and organizations for covered losses

For insurers to utilize pooling most effectively and prevent catastrophic losses, the insured exposure units need to be

Independent

In which one of the following types of insurance marketing systems does the agency or agent usually own the expiration lists?

Independent agency system

Michelle is shopping for auto insurance. Which one of the following insurance agents is most likely to be able to give her quotes from several different, unrelated insurers?

Independent agent

Gulford Insurance Company (Gulford) is a direct writer of commercial insurance in Pennsylvania. The management team is frustrated by the continued lack of success in the more rural western part of the state. It is difficult to penetrate the market without a local presence, but the cost of assigning agents to this territory is not justified by the returns. Which one of the following distribution systems would best allow Gulford the local presence in a cost-effective manner?

Independent agents

Private insurers are reluctant to provide windstorm insurance on coastal properties. This is because the loss exposures fail to meet the criterion that ideally insurable exposures must be

Independent and not catastrophic

Facultative reinsurance is arranged by underwriting for

Individual policies.

Which line of business may be rated using judgment rates?

Inland marine insurance

Coverage for miscellaneous types of property such as movable property, goods in domestic transit, and property used in transportation and communication, typically is provided by

Inland marine insurance.

ost insurers give some producers the authority to pay claims up to a certain amount. In this role, producers function much like an

Inside claim representative.

All of the following are true about the insurance distribution system

Insurance brokers are independent business owners or firms that place insurance by representing the customers, not insurers. Managing general agencies appoint and supervise independent agents for insurers that operate in the system. The direct response system advertises to encourage potential customers to contact the insurer to purchase insurance. NOT: An agency expiration list is the record of policies that have lapsed or been canceled due to overdue premiums.

Most bad-faith claims arising out of contracts are insurance-related. All of the following explains why this is the case

Insurance contracts involve the public interest and unequal bargaining power. Insurers have an implied duty of good faith dealing when settling claims. Insurers generally control claim investigation, evaluation, negotiation, and settlement. NOT: In comparison to other contracts, insurance contracts require a low standard of conduct.

Which one of the following statements is true?

Insurance regulators review policies to determine if they benefit consumers.

Which is true?

Insurance regulators review policies to determine if they benefit customers NOT: Regulators set coverage standards, but allow insurers to determine policy language. Insurance policies are private contracts, the language of which is largely unregulated. Insurers must be free to create policies that are in their best interest.

Destructive competition in the insurance industry could result in:

Insurance shortages

Destructive competition in the insurance industry could result in

Insurance shortages.

In an insurance agency relationship, the agent's fundamental responsibility is to act for the benefit of the

Insurer

In the legal relationship known as agency, which is the principal?

Insurer

Which is a key focus of states' insurance regulation?

Insurer licensing

Which one of the following is a key focus of states' insurance regulation?

Insurer licensing.

What describes the effect underwriting standards can have on premiums?

Insurers can lower premiums for better-than-average risks

Which one of the following describes the effect underwriting standards can have on premium?

Insurers can lower premiums for better-than-average risks.

Why are insurance regulators concerned about the effects of large catastrophes?

Insurers may become insolvent

A broad statement of an insurer's promises to the insured may be found in a policy's

Insuring agreements.

The salaries of investment professionals who are employed by an insurance company are categorized as

Investment expenses

Correct regarding the benefits that insurance provides

Investment income helps keep insurance premiums at a reasonable level

Most of the income an insurer receives is either from underwriting or

Investments Two major sources of insurer income are (1) the sale of insurance (underwriting) and (2) the investment of funds (investment income).

The last step in the risk management process, monitoring results and revising the risk management program,

Is a return to the first step and begins the risk management process once again.

The HO-3—Special Form (HO-3) policy, a nontransferable contract

Is assignable only with the insurer's written consent.

All of the following explain the importance of a policy limit

It helps the insurer keep track of its overall obligations in any one geographical area. It helps the insured determine whether the amount of insurance is adequate. It tells the insurer the maximum amount it may have to pay for a covered loss. NOT: It tell the insurer whether to value an item at replacement cost or actual cash value.

All of the following are true with regard to policyholders' surplus

It provides a financial cushion for the insurer if losses turn out to be higher than expected. It provides resources for expansion. It measures the difference between what an insurer owns and what it owes. NOT: It equals nonadmitted assets

True with regard to policyholders' surplus:

It provides resources for expansion. It measures the difference between what an insurer owns and what it owes. It provides a financial cushion for the insurer if losses turn out to be higher than expected. NOT: It equals admitted assets

Which one of the following is true concerning the direct response distribution channel to market insurance?

It relies heavily on advertising.

Which one of the following identifies a benefit that a business can receive by applying sound risk management?

It will have a better opportunity to achieve business goals.

Sammy is the named insured on an HO-3 policy covering his family's home. Sammy and his wife, Sally, have a young daughter, Suzie, and a grown-up son, Steve, who lives with them, and they own a cocker spaniel puppy. While a neighboring couple and their five-year-old son, Jay, were visiting, the puppy bit Jay. Jay suffered a serious wound and his parents sued Sammy and Sally. All of the following are insureds under the HO-3, EXCEPT:

Jay

Because the agent represents the insurer, the law presumes that

Knowledge acquired by the agent is knowledge acquired by the insurer

Oscar's custom-built vehicle looks like a sausage sandwich on wheels. He plans to drive it to special events at schools around the country where it will serve as a mobile billboard to promote his product. Oscar is surprised to learn that insurers are reluctant to insure his vehicle because it fails to meet one of the ideal characteristics of an insurable risk. Which characteristic is Oscar's vehicle least likely to meet?

Large number of similar exposure units

An insurance company needs to hire an employee with knowledge of insurance policy forms and the ability to relate policy provisions to the loss exposures of individual policyholders. The person will also prepare premium quotes and process cancellations. This company is currently in need of a

Line underwriter

For a one-year policy covering losses that take several years to develop, all of the following ratios are likely to be revised for several years following the policy period

Loss Ratio. Combined Ratio. Overall operating Ratio. NOT: Expense Ratio

Chuck and Sally discovered they have flaking lead paint on the walls and trim inside their recently purchased house. They researched lead paint hazards and abatement techniques on the Internet and discovered the best action they can take is to remove loose paint chips and dust, replace the windows, and seal the walls with a paint designed for that purpose. Which one of the following risk management techniques does this activity involve?

Loss control - implementing risk control procedures

A risk manager in an industrial plant is trying to determine where she needs to spend most of her time in reducing the number of work-related accidents. Which one of the following should the risk manager measure to determine where she should expend her efforts?

Loss frequency

Grocers' Warehouse is a newly created business that will open next month. It will include a retail operation as well as 500,000 square feet of warehouse space with loading docks. Which one of the following methods of identifying loss exposures would be least applicable in this situation?

Loss histories

Dudley drives to work in the city each day and until recently, parked on a street near his office. Dudley began parking in a lot that has an attendant to reduce the chance of his vehicle being damaged while it is parked. Which one of the following risk management techniques is Dudley applying?

Loss prevention

There have been several recent burglaries in Sally's neighborhood. Which one of the following best describes a risk management technique and a corresponding example of that technique that Sally should consider due to the recent increase in burglaries?

Loss prevention, such as keeping doors and windows locked

A business installs bars on windows and door deadbolts to prevent burglaries. This is an example of

Loss prevention.

A decrease in incurred losses will generally cause a decrease in

Loss ratio, Combined Ratio, and Overall ratio NOT: Expense ratio

ID# 5830725Points: 1 Flag Question Review topic Question text A business installs a sprinkler system to reduce the amount of fire damage from potential fires. This is an example of

Loss reductions

Amounts designated by insurers to pay claims for losses that have already occurred are called

Loss reserves.

The largest expense category for most insurers is payment for

Losses arising from claims

Wear and tear, rust, marring, and scratching are examples of maintenance perils that are usually excluded by property insurance policies because

Losses arising from these perils are certain to occur.

Which regarding kidnap and ransom are important for an international organization to consider in assessing personnel loss exposures?

Low frequency but high severity

The best description of a first-party claim is a claim

Made by the policyholder against the insurer.

Insurance is primarily designed for definite and accidental losses. Because of this, most policies will exclude coverage for what is known as

Maintenance perils.

Which is correct?

Many producers offer consulting services for which they are paid on a fee basis

Which one of the following statements is correct regarding consulting services?

Many producers offer consulting services for which they are paid on a fee basis

Which one of the following best explains why underwriting expenses are divided by written premiums rather than earned premiums in order to calculate an insurer's expense ratio?

Many underwriting expenses are incurred at the beginning of the policy period.

Which best explains why underwriting expenses are divided by written premiums rather than earned premiums in order to calculate an insurer's expense ratio?

Many underwriting expenses are incurred at the beginning of the policy period. Many underwriting expenses, such as producers' commissions, are incurred at the beginning of the policy period. Therefore, using written premiums rather than earned premiums for the denominator provides a better match for comparing revenues to expenses when calculating the expense ratio.

Marvin suffered a fire loss at his residence. The claim representative valued several antiques at a very low price. Marvin refuses to settle his claim with his insurer. Which one of the following is Marvin's recourse?

Marvin may follow the appraisal provision in the policy to settle the dispute over the value of the damaged property.

What is the goal of enterprise-wide risk management (ERM)?

Maximize the organization's value

Which one of the following is the goal of enterprise-wide risk management (ERM)?

Maximize the organization's value

Loss exposure surveys or checklists are comprehensive and apply to almost any organization. The survey's major weakness is that they

May omit an important exposure

Which one of the following is true about the participation of the head of the underwriting department in the insurer's management?

May participate in selecting the type of marketing system to be used

Which is a negotiation process in which a neutral outside party helps participants examine the issues and develop a mutually agreeable settlement?

Mediation

The two primary types of health insurance coverage are

Medical and Disability Income.

Claims-made coverage typically is used to insure businesses that face certain types of liability exposures, such as

Medical malpractice.

Edna, who participates in a homeowners' reciprocal exchange knows that the members of the exchange insure members' loss exposures. A policy issued by the reciprocal insurer specifies the attorney-in-fact's authority to implement its powers on behalf of Edna and the other members of the exchange. Since this information regarding the powers of the attorney-in-fact affects coverage but does not have the force of conditions, it is found under her policy's

Miscellaneous provisions

When Amy applied for insurance, her agent asked her if she had received more than three traffic tickets in the last five years. Amy had received four, but remembered only three. Thus, she told the agent she had received only three. Amy's statement is an example of

Misrepresentation. A misrepresentation is a false statement of a material fact on which the insurer relies; it need not be intentional.

Risk manager Maria Sanchez is evaluating her employer's current fleet of vehicles to ensure they are roadworthy and determine if any replacements are needed. Maria's activities are part of which one of the following steps in the risk management process?

Monitoring results and revising the risk management program

Compared to its net underwriting gain or loss, an insurer's overall gain or loss from operations gives a

More complete picture of an insurer's profitability.

Which one of the following would have an insurable interest in real property?

Mortgagee that has provided a mortgage loan on the property

Which one of the following is true regarding a homeowners policy?

Most include coverage for theft of contents within the home.

True about mutual insurance companies

Mutual insurance companies include some large national insurers

Which one of the following types of insurers is the most likely to include its bylaws as part of its policies?

Mutual insurers

Private insurers:

Mutual insurers. Stock insurers. Reciprocal insurance exchanges. NOT: State workers compensation funds

Which one of the following is generally paid a negotiated fee, rather than a fixed commission rate?

National broker

When John was driving his car, he was inattentive and was unable to stop in time to avoid hitting a car stopped at a traffic light. The collision damaged the stopped car. What is the basis for John's liability?

Negligence

The difference between an organization's total revenues and its total expenses is

Net income

When property is lost or damaged, the value of the property is decreased. In addition to direct damage to the property, there could be indirect losses to the business. This latter type of loss is known as

Net income losses

All are shows on an insurer's income statement

Net underwriting gain (loss). Net investment income. Net income. NOT: Unearned premium reserve.

Jay purchased a used car that is painted purple with orange swirls, and its bumpers are green with yellow stripes. In his application for auto insurance, he was embarrassed to disclose the true colors of his car, so he wrote that it was white. Jay was later in an accident with the car. May his insurance insurer disclaim coverage for his losses because of the deliberate falsehood on his application?

No, because the falsehood did not involve a material fact. The falsehood did not involve a material fact, that is, a fact that would affect the insurer's decision to provide insurance. To constitute concealment and misrepresentation, a statement or omission of information must relate to a material fact.

Insurance if not the only risk management transfer technique. When circumstances are appropriate, transfer can be accomplished through:

Noninsurance transfer techniques

A northeastern state in the US has a mandatory rate law in effect. A southeastern state has established a file-and-use law. A Pacific coast state requires insurers to follow a prior-approval law, and a midwest state has enacted a flex rating law. Which one of the states and its regulators asserts the greatest extent of control over insurer rates?

Northeastern

A combined ratio of 1.05 indicates that an insurer is

Not profitable on an underwriting basis A combined ratio greater than 1 indicates than insurer is not profitable on an underwriting basis; however, when investment income is subtracted from the combined ratio the resulting overall operating ratio may be less than 1, showing that the insurer is profitable overall.

Neighbors Jack and Jerry were visiting and discussing the cost of new vehicles. Jack told Jerry he wanted to buy a $26,000 car but to do so he would have to sell his current auto for $8,000. Jerry said, "I accept your offer." The contract between Jack and Jerry is

Not valid because Jack didn't give the offer consideration

If a line of insurance is class rated, with all insureds possessing similar characteristics and paying the same rate, what determines the difference in premiums insureds pay?

Number of exposure units

Insurers using direct response marketing

Often advertise heavily, which can be costly.

Lloyd's

Operated by syndicates. Insurance underwritten by a Name. An insurance and reinsurance marketplace NOT: Primarily insurers unusual exposures

An insured's funds that could be invested elsewhere if purchasing insurance were not necessary

Opportunity cost of insurance

Personnel loss exposures can be comprised of all of the following categories of key personnel

Owners, officers, and managers. Groups of employees. Individual employees. NOT: Shareholders

oe owns a building covered by a property insurance policy. Joe intentionally sets fire to and destroys this building. He then files a claim with his insurance company. Which one of the following statements best describes why Joe would be precluded from recovering under his policy for this loss?

Payment of the claim would be a violation of public policy

Joe owns a building covered by a property insurance policy. Joe intentionally sets fire to and destroys this building. He then files a claim with his insurance company. Which one of the following statements best describes why Joe would be precluded from recovering under his policy for this loss?

Payment of the claim would be a violation of public policy Payment of a claim resulting from a loss caused by the insured's intentionally burning a building would be a violation of public policy.

Twelve-year-old Beth entered into a contract to purchase an expensive bracelet from Sherry. Before she paid Sherry for the bracelet, Beth accidentally dropped it into a meat grinder, ultimately crushing and destroying it. In a legal action, most courts would

Permit Beth to reject the contract due to her capacity to contract.

An injury arising from an intentional tort such as libel, slander, or invasion of privacy is called

Personal injury

In individual rating,

Points are added or subtracted to arrive at a rate.

The two major sources of an insurer's investment funds are policyholders' surplus and

Premiums received but not yet used to pay claims.

Most property and liability insurance policies contain other insurance provision clauses in order to

Prevent overindemnification.

People who handle claims may be staff claim representatives, independent adjusters, employees of third-party administrators, or

Producers who sell policies to insureds.

Which one of the following is an operating cost of insurers?

Producers' commissions

Kid Smart manufacturing makes a line of children's' toys. The possibility that a child may be injured because of a defect in a Kid Smart toy is what type of liability loss exposure for this toy manufacturer?

Products

Because attorneys, physicians, architects, and engineers are considered to be experts in their fields and are expected to perform accordingly, what liability exposure do they face if a client is injured when such an expert fails to exercise the appropriate standard of care?

Professional liability

What about claim evaluation is correct?

Prompt evaluation helps to ensure compliance with time limits specified by unfair claims settlement practices acts

The term "net income losses" is usually associated with

Property losses.

Term life insurance

Provides protection for a specified period with no cash value

A physical inspection can help to identify loss exposures that are not identified through other means because it

Provides the opportunity to see things firsthand

Furniture and office equipment ($70,000) and premiums overdue more than ninety days ($10,000) are nonadmitted assets; the total remaining assets are admitted and total $1,170,000.

Real estate

Todd is a producer selling commercial insurance to small to medium sized businesses. Because some of them are struggling to pay the premiums, and because Todd gets more commissions the more policies he sells, he has started giving a portion of the policy premium back to his customers that place multiple coverages with him. In doing so, Todd is specifically engaging in the unfair trade practice of

Rebating

Successful underwriting ensures selected applicants:

Receive coverage that adequately reflect their loss exposure

Subrogation is the insurer's right to

Recover its claim payment from the responsible party.

Which method of prospecting is more likely to be used by an experienced producer than a new insurance producer

Referrals from present clients

An insurer's income statement can best be described as a financial statement that shows the

Relationship between revenues, expenses, and net income.

If an insured wants to receive "new for old" in the event of a property loss, he or she would purchase

Replacement cost

Actual cash value (ACV) is...

Replacement cost minus depreciation

Recruiting, interviewing, and training a new employee who replaces a worker who has just resigned are examples of which one of the following types of financial consequences flowing from personnel losses?

Replacement costs

Under Section II - Liability Coverage of a homeowners policy, all of the following are the insured's duties after an occuerence:

Report losses promptly. Cooperate with insurer in legal proceedings. Pay specified premiums. NOT: Make voluntary payments to the claimant

An applicant for commercial property insurance is found unacceptable by an underwriter due to the nature of its operations and the construction of the building it occupies. If the applicant installs an automatic fire-extinguishing sprinkler system, the underwriter will approve the application. This type of underwriting modification is known as

Requiring risk control measures

A fire negligently caused by an Alpha Corp. employee caused extensive damage to Alpha's six-story building. Fearing a possible building collapse, fire officials required nearby businesses to close. Those businesses sued Alpha, seeking payment for lost income that resulted from the loss of use of their properties. How would Alpha's commercial general liability insurer respond to this claim?

Respond to the claim, because Alpha's policy defines property damage to include loss of use of buildings that are not physically damaged.

John Young is a risk manager of a medium-size business with both auto and real property exposures. John is looking for ways to save money on insurance premiums. John should consider

Retaining some or all of the auto physical damage exposures

Which task is the responsibility of a staff underwriter as opposed to a line underwriter?

Review and revise rating plans

Which identified the two broad categories of risk management techniques?

Risk control and risk financing

A producer will generally review a company's loss run report while performing which one of the following functions?

Risk management review

Donna is an insurance producer. She makes an appointment with a potential policyholder to review the prospect's loss exposures. She asks the prospect to complete a questionnaire to assist her in this effort. Donna is conducting a

Risk management review - For an individual or family, the risk management review process might use results of as an interview or questionnaire and then suggest methods of risk control, retention of loss exposures, and insurance

Sally is a recent college graduate who lives in the suburbs and drives to work daily in the city. She recognizes that owning a car creates both property damage and liability exposures for her and at the same time she has the burden of student loans. For someone in Sally's circumstances the most practical risk management technique for dealing with her auto-related loss exposures is

Risk transfer

The capital of a stock insurance company comes primarily from

Sale of company stock

Unfair trade practices acts involve which insurance company operations?

Sales, underwriting and claim handling

Market conduct regulation focuses on insurers' treatment of applicants for insurance, insureds, and others who present claims for coverage. Market conduct regulation affects all of the following areas of operations of an insurer,

Sales. Underwriting. Claims handling. NOT: Risk control

The insurer's rights to recover and sell or otherwise dispose of insured property on which the insurer has paid a total loss are called

Salvage rights

A rating plan available to commercial insurance applicants that awards debits and credits to a submission based on specific categories is known as a(n)

Schedule rating plan.

Financial management decisions are made during which one of the following steps in the risk management process?

Selecting the appropriate risk management techniques - step 4

A business buys multiple small warehouses to minimize the effects of a single loss. This is an example of

Separation

Malvern Imports has several retail stores in a three-state area. They receive and store imports in a large central warehouse. The risk manager is considering ways to lower the severity exposure due to a fire loss to the warehouse. Which one of the following would most effectively decrease the severity exposure of fire loss to the warehouse?

Separation

Outdoor Designs Company (ODC) makes cedar patio furniture. ODC's lumber supplier, L&L Wood Products, is the largest and most competitive supplier of lumber in the area. ODC's risk manager is concerned that a disruption in the supply of lumber from L&L due to a large fire loss would adversely affect its production. Which one of the following would best minimize the adverse effect to ODC of a large loss experienced by L&L?

Separation

Work on a new claim begins for the claim representative upon receipt of the notice of loss. The representative obtains initial information and verifies coverage. Next, the representative should

Set a loss reserve.

Claim representative Jan is reviewing an auto liability claim concerning a two-car collision that has just been assigned to her. She notes that the insured was clearly 100 percent at fault for the accident. No one was injured. The estimate for the costs of the repair to claimant's car and a substitute auto for the week it will take to perform the repairs is $3,000. Which one of the following best describes the approach Jan should take in setting the case reserve?

Set it at $3,000, representing an estimate of what Jan expects to pay to settle the claim

The dollar amount of damage that results from a loss is the loss

Severity

One of the costs of insurance is said to be opportunity costs. This means that if capital and labor were not being used in the insurance business, they could be used elsewhere and making other productive contributions to

Society

Which best identifies types of organizations that should be concerned with personnel loss exposures from a manager leaving for another organization?

Sole proprietorships, close corporations, and corporations with separation of ownership and control

What term refers to the ability of an insurer to meet its obligations as they become due?

Solvency

A liability adjuster must be concerned with specific, out-of-pocket expenses when evaluating the damages being claimed. The technical term for such expenses is

Special damages

In the claim evaluation process, specific, out-of-pocket expenses are called

Special damages

While driving, Karl's foot slips off the brake and his car rolls into the back of Sunny's vehicle. No one is hurt, but the accident caused a large dent in the back bumper of Sunny's vehicle. For which one of the following types of damages is Sunny eligible?

Special damages

Insurers are required to submit annual financial statements to

State insurance departments

Insurers are required to submit annual financial statements to:

State insurance departments

Excella Insurance is a private insurer operating in the state of Arkansas. It primarily sells personal auto and homeowners policies and complies with all the necessary licensing and regulations required.

State insurance regulators are only one of many stakeholders that are interested in an insurer's financial health

State insurance regulators are only one of many stakeholders that are interested in an insurer's financial health.

Rating systems rely on

Statistical analysis of past losses.

No-fault auto laws and workers compensation laws create legal liability on the basis of

Statutes

Businesses, individual, and families that practice sound risk management can benefit society by:

Stimulating economic growth. Controlling medical expenses through reduced injuries. Reducing the overall number of losses NOT: Increasing interest in leisure activities

Sounds risk management benefits society by:

Stimulating economic growth. Reducing the number of people dependent of society for support. Causing fewer disruptions in the economic and social environment. NOT: Increasing opportunity costs

A stock insurer differs from a reciprocal insurance exchange by

Stockholders own a stock insurer. Subscribers (members) own a reciprocal insurance exchange

A stock insurer differs from a reciprocal insurance exchange in which one of the following ways?

Stockholders own a stock insurer. Subscribers own a reciprocal insurance exchange.

The liability that someone could incur because of an inherently dangerous activity, such as building demolition, is called

Strict liability

In contrast to a claims-made policy, a liability policy that provides occurrence basis coverage will pay for a covered accident that occurs during the policy period, regardless of when the claim is

Submitted

Owners of reciprocal insurance exchanges are also known as

Subscribers

With regard to negligence, the plaintiff can make no recovery unless he or she

Suffers injury or damage.

When deciding to approve or disapprove an insurer's request for a rate, a state insurance commissioner must determine if the rates are adequate. Adequate means that the rates should be

Sufficient to pay all claims and the expenses related to those claims

A typical homeowners policy covers the "residence premises," which is defined as the location shown in the policy declarations. Usually, the policy definition of residence premises also includes which one of the following?

Supplies located on or next to the premises used to construct, alter, or repair the premises

Which is generally exempt from state insurance regulations pertaining to policy forms and rates?

Surplus line insurers

Which one of the following is generally exempt from state insurance regulations pertaining to policy forms and rates?

Surplus line insurers

Paying close attention to hazards is an important consideration when reviewing an underwriting submission. An underwriter should recognize a moral hazard, which is a condition

That increases the likelihood that a person will intentionally cause or exaggerate a loss.

Which one of the following statements is correct with respect to insurers' use of the Internet and insurance portals?

The Internet provides lead-generation and cross-selling opportunities for all products

Which one of the following statements is correct with respect to insurers' use of the Internet and insurance portals?

The Internet provides lead-generation and cross-selling opportunities for all products.

What is solvency?

The ability of an insurer to meet its obligations as they become due

Mira raised chickens in a coop that she constructed in her backyard. Due to her careless smoking, the coop was destroyed by fire. She submitted a claim to her homeowners insurer, which assigned an adjuster. This is the adjuster's first claim involving a building detached from a dwelling. Assuming the adjuster has established Mira's insurable interest in the property, which one of the following should the adjuster be asking next?

The adjuster should first answer, " Is the damaged property covered by the policy?"

Which one of the following best describes the elements of authority and control in an agency relationship?

The agent has authority to act for the principal; the principal has control over the agent's actions on the principal's behalf.

After investing significant resources to develop a Web-based system, a personal lines insurer has decided to expand its territory by assuming the role of a direct writer and using the Internet as a distribution channel. What is the insurer's greatest concern with the existing book which used independent agents as the distribution system?

The agents own the expirations for the existing book

The size of an employer's loss exposure for workers compensation insurance is based on

The amount of its payroll

Which is the most common reason premium audits are conducted?

The amount of loss exposure is unknown at the start of the policy period

The selection of a distribution channel for an insurer's products and services depends, partly, on customer preferences. Which one of the following statements is true regarding customer preferences that should be considered when selecting a distribution channel?

The channel should be consistent with the customer's expectations for service.

Prompt and professional loss adjustment services are a responsibility of which part of an insurer's organization?

The claims function

Joan has a business auto policy written as specified causes of loss coverage. Which one of the following losses would be covered as auto physical damage?

The cost to repaint a vehicle after it has been vandalized

Most claims-made policies contain a retroactive date, which is

The date on or after which injury or damage must occur in order to be covered.

When selecting a distribution channel, which is an important consideration with regard to customers' needs and characteristics?

The ease of accessibility within the channel

When selecting a distribution channel, which one of the following is an important consideration with regard to customers' needs and characteristics?

The ease of accessibility within the channel

Which one of the following statements is correct with respect to insurance distribution systems?

The expertise of current staff and producers must be sufficient to manage the selected system.

Which is true regarding delegation of underwriting authority by underwriting management?

The extent of underwriting authority granted to an agent generally depends on premium volume and loss experience

Which is true about the participation of the head of the underwriting department in the insurer's management?

The head of the underwriting department participates in broad business decisions that may include the type of marketing system to be used

Manufacturing Company experienced a loss on its premises when expensive equipment was destroyed by fire. A provision in its insurance contract maintains that the insurer has a right to enter the premises in the event of a reported loss to inspect the damaged property. Manufacturing Company has refused to grant entry to the insurer's claim representative. Consequently, the insurer is considering whether it can deny coverage for the claim. Which one of the following best explains why Manufacturing Company's insurer may be able to deny coverage under the principle that an insurance policy is a conditional contract?

The insured must fulfil its duty to allow an inspection before a claim is paid An insurance policy is a conditional contract because parties only have to perform under certain conditions. One of these conditions is that the insured must allow an inspection before a claim is paid.

In a bad-faith lawsuit, claimant Jerry alleges improper conduct on the part of claim representative, Twila, who works for a large insurance company. As is generally the case in such bad-faith allegations, which one of the following parties would be the defendant?

The insurer

A financial analyst determines that the combined ratio for the DEF Insurance Company was 112 percent for the prior year. Which one of the following statements best describes how the analyst can interpret this information for the year?

The insurer had an underwriting loss. A combined ratio over 100 percent indicates that the insurer had an underwriting loss

Adhering to the characteristics of an ideally insurable loss exposure in selling insurance help assure that

The insurer is able to charge a premium that the insured can afford to pay. Correct. Adhering to the characteristics of an ideally insurable l

In creation of a contract of insurance, what is the consideration that is provided by the insurer?

The insurer's promise to pay claims for covered losses

Concealment:

The intentional failure to disclose a material fact

Tobias, a successful producer with Barnley's Insurance Company, is struggling with an intricate quote on homeowners coverage for his insured, Hanna. Hanna not only has substantial collections of guns and silverware, but also has a small farm located at her premises. Which one of the following individuals from Barnley Insurance Company could provide assistance and support to Tobias?

The line underwriter could provide assistance and support to Tobias

Alfred has an unendorsed HO-3 policy. After a severe fire loss to Alfred's house, an investigation proved that Alfred intentionally set the fire. Alfred was jailed for arson, and his property claim was denied. Which one of the following describes the rights granted by Alfred's HO-3 to the mortgagee?

The mortgagee will collect the amount of its insurable interest in the property

While involuntary employee separations may expose an organization to additional liability loss exposures, such as wrongful termination accusations, they generally are not considered a personnel loss exposure because

The organization has determined that it is better off without that employee.

Retention is often used in combination with insurance as a way of treating loss exposures. One of the major downsides of individuals using retention alone is

The potential for financial ruin.

An accurate measure of loss frequency is important because

The proper treatment of the loss exposure often depends on how frequently the loss is expected to occur.

One of the roles of underwriting management is arranging reinsurance. Which one of the following statements explains how treaty reinsurance helps an insurer meet its obligations?

The reinsurer automatically assumes a portion of all of the primary insurer's insurance that is eligible under the treaty.

he law of large numbers states that as the number of similar but independent exposure units increases,

The relative accuracy of predictions about future outcomes increases.

Which one of the following statements is correct with respect to selecting a distribution channel?

The types of insurance products and services to be delivered by the insurer must fit the marketing channel selected.

Which best explains why regulators do not permit insurers to include nonadmitted assets on their balance sheets?

They cannot be readily converted to cash at or near their market value

What purpose do insurance-to-value provisions serve in property insurance policies?

They encourage insureds to purchase an amount of insurance that is equal to, or close to, the value of the covered property.

Property of Insurtech Companies include

They were born out of emerging technologies. Takes advantage of the current digital world by using web-enabled platforms and mobile devices. Capable of assisting traditional insurers with new products and services. NOT: Elimination for the need of underwriters given the technological advances in this space.

Anyone who is not a party to an insurance contract who submits a claim against an insured is known as the

Third party

In liability claims, the claimant is referred to as the

Third party

People who handle claims fall into a number of categories. Those who handle claims, keep claim records, and perform statistical analysis on behalf of self-insureds are called?

Third-party administrators

The foundation of good faith claim handling is

Thorough, timely, and unbiased investigations.

Which one of the following is the principal's primary duty to the agent?

To pay the agent for services performed

All for-profit organizations are exposed to net income losses. Net income is defined as

Total revenues minus total expenses

Some loss exposures are not easy to retain, avoid, or control. Which risk management technique is frequently used to treat such exposures?

Transfer

management techniques is frequently used to treat such exposures?

Transfer

From a risk management viewpoint, insurance is used to:

Transfer the cost of losses

One of the responsibilities of underwriting management is to arrange reinsurance. One type of reinsurance is arranged to automatically reinsure a portion of all eligible risks of the primary insurer. This arrangement is called

Treaty reinsurance

The following are factors in determining the replacement cost of real property

Type and quality of the construction. Construction cost per square foot. Square footage of the property NOT: Actual cash value of the property

It is easier to gauge the potential severity of property losses than of liability losses because property loss exposures

Typically have finite value

Lou is a claim manager at a small property-casualty insurance company. Lou takes pride in the fact that because of his leadership, his company has gained a public reputation for resisting legitimate claims. Ultimately, this reputation

Undermines the effectiveness of his company's advertising.

Unfair trade practices acts involve which one of the following insurance company operations?

Underwriting

If duress, coercion, fraud, or mistake is involved in the creation of a contract, then the contract is

Unenforceable

Adjuster Toni is evaluating damages in a bodily injury liability claim where she has determined that the insured is completely at fault for the accident. The claimant suffered a sprain and strain injury to his neck. His special damages total $1,500. He was out of work for a week, was disabled and prevented from performing some regular activities for a month, and attended physical therapy for six weeks. In assessing general damages, Toni should

Use past cases which are similar as a guide

Some insurance rating laws allow rates to be put into use immediately but require insurers to file the rates with the state within a specific period of time. These types of laws are known as

Use-and-file laws

Some insurance rating laws allow rates to be put into use immediately but require insurers to files the rates with the state within a specific period of time. These types of laws are known as

Use-and-file laws

Wanlett Enterprises has a risk manager who is charged with making sure the organization has the necessary property and liability insurance policies in place to respond to hazard risks that were identified over twenty years ago. Wanlett still creates and manufactures the same products it did decades ago. Which one of the following is true given this scenario?

Wanlett is mostly concerned with pure, as opposed to speculative risks.

For an insurer to be considered solvent, states require it to have financial reserves

Well in excess of its ordinary expenses.

Insurers' investment income helps keep premiums at a reasonable level

What is correct regarding insurance as a source of investment funds?

Extra expenses are a common financial consequence of property losses. Which one of the following is an example of an extra expense?

When a family's house is damaged, the family must pay rent to live in a hotel temporarily

As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point?

When her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it.

Which best describes what is determined by the insurer's staff review of applications from prospective insureds?

Whether the characteristics of the customer match the insurer's underwriting criteria

Which one of the following best describes what is determined by the insurer's staff review of applications from prospective insureds?

Whether the characteristics of the customer match the insurer's underwriting criteria.

State governments can be involved in insurance at various levels. Some states provide which one of the following types of insurance in competition with private insurers?

Workers compensation

When an employee is injured on the job, coverage for their medical care and lost wages will be provided by the insured's

Workers compensation policy

When an employee is injured on the job, coverage for his or her medical care and lost wages will be provided by the insured's

Workers compensation policy.

Randy and Ida are concerned that a buried heating oil tank in their yard might be leaking, but they have decided that replacing that tank must wait until they have the funds in a year or two. Randy and Ida have discovered that pollution resulting from a leak would not be covered by their homeowners insurance policy. They fear the oil might seep into the water table and contaminate their neighbors' well water. Illness and damage that might result could be very expensive. Randy and Ida can purchase an endorsement that will provide coverage for this pollution exposure. The endorsement would cost $50 per year. Is this an effective risk management selection for Randy and Ida until they can replace the tank?

Yes, they are exchanging a large exposure for a little premium.

SEB Holdings has grown into a multi-billion dollar financial services firm. For 38 years, Big Hal has been its CEO and has ruled the company with an iron first. Big Hal is 78 years old, and financial analysts are concerned about his health and longevity and how closely these factors relate to the company's success. Which one of the following might help assuage the analysts' concerns?

a corporate succession plan

Bea's Restaurant suffered a serious fire due to a lightning strike, and the structure had to be torn down. The damage to the building is an example of

a direct loss

An insurance company employee who investigates the scene of a loss; meets with insureds, claimants, lawyers, and others; and inspects damage is most accurately called

a field claim representative

An appraisal provision is:

a policy condition that provides appraisal as a mechanism for resolving disputes between insureds and insurers over the amount owed on a covered loss

Under a homeowners policy, if a garage qualifies as an "other structure,"

a separate policy limit would apply to the garage

An employee of an insurance company who performs some of all of the insurer's claim-handling activities is called:

a staff claim representative

Wrongful acts that society deems harmful to the public welfare are

addressed by criminal law

In order to determine if someone was negligent, four elements need to be considered. Negligence will be proven if

all of the elements exist

An auto dealer's showroom is destroyed by fire, and the dealer has to temporarily rent an adjacent building to use as a showroom. This is an example of

an extra expense

Earned premiums are the portion of written premiums that

apply to the part of the policy period that has already occurred

A completed operations liability loss exposure differs from a products liability loss exposure in that the completed operations liability loss exposure

arises out of the entity's completed work, included defective parts or materials furnished with the work

One aspect of good-faith claim handling is the fair evaluation of the claim. A fair approach to evaluating liability claims is for the claim representative to evaluate them...

as is no coverage limit existed

Buildings, investments, patents, and human resources are all examples of

assets exposed to loss

John was involved in a serious accident that included injuries to the other party, and charged with driving while intoxicated. The actions that are likely to be brought against John are

civil and criminal

Personal auto insurance is most likely rated using

class rates

All commercial package policies begin with two components, namely, common policy conditions and common...

declarations All commercial package policies begin with two components, namely, common policy conditions and common declarations. Adding the necessary forms to make up an individual coverage part that meets the insured's specific needs completes the policy.

If a claim representative's investigation determines that no coverage applies for a liability claim, the insurer will

deny the claim

In implementing risk management techniques, the risk manager usually

depends on others to implement the techniques based on the risk manager's advice

Besides using the law of large numbers to predict the amount of future losses, insurers also rely on it to

determine average loss costs

The cause of loss that occurs more frequently than death, causing personnel losses, is

disability

Underwriting income (or loss) is calculated by subtracting losses and expenses from

earned premium

Racing exclusions appear in both personal and commercial auto policies primarily in an attempt to

eliminate coverage that most insureds do not need

The homeowners policy excludes coverage for large watercraft in attempt to

eliminate coverage that most insureds do not need

Produce, such as apples or grapes, may be priced by the unit or by the pound. In insurance, these measures are similar to

exposure units

Damages for pain and suffering are a form of

general damages

An indipendent agency

has the right to switch a customer's coverage to another insurer

Prompt and professional loss adjustment services are a responsibility of which one of the following parts of an insurer's organization?

he claims function

Claim representatives should understand the subjective interpretation of negligence and gross misconduct. The difference between negligence and gross misconduct is determined by

he court's or jury's interpretation of the facts.

Which one of the following is true regarding the delegation of underwriting authority by underwriting management?

he extent of underwriting authority granted to an agent generally depends on premium volume and loss experience.

The definitions section of the policy...

helps clarify real or perceived ambiguity

A goal of the claims function is to support the profit goal of the

insurer

The salaries of investment professionals who are employed by an insurance company are categorized as

investment expenses

For property insurance purposes, wall-to-wall carpeting is typically considered to be part of the building because it

is permanently attached to the building

For an insurer to succeed in the long run,

its premium and investment income must be adequate to pay claims and expenses

A document listing potential loss exposures that a household or an organization may face is a

loss exposure survey or checklist

Incurred losses (including loss adjustment expenses) divided by earned premium is the formula for

loss ratio

The use of a seatbelt while driving a car is an example of

loss reduction

Insurance is primarily designed for definite and accidental losses. Because of this, most policies will exclude coverage for that is known as

maintenance perils

Standard forms...

may result in different insurers issuing identical policies

A commercial package policy is an example of a...

modular policy because it combines different forms, depending on an insured's needs

A stock insurer is distinguished from a mutual insurer by the fact that

owners are not necessarily insureds

An analyst in the financial department for an insurer has calculated the loss ratio to be 1.03. This results indicates that the insurer

paying out approximately $1.03 in claim-related expenses for ever $1.00 it collects in premium

The aggregate limit in a liability policy is the maximum amount an insurer will pay for all covered losses during the

policy period

Anyone who owns or occupies property has a

premises liability loss exposure

Underwriting guidelines help an insurer achieve its goals by

providing rules that guide underwriters toward consistent decisions

Traditionally, the risk management professional's role has been associated with loss exposures related to

pure risk

The most difficult time for an insurer to change distribution systems is when

renewing an existing book of business

In personal insurance, in order for the named insured's spouse not listed on the policy to receive the same coverage as the named insured, the spouse must

reside in the same household ad the named insured

The technique that is used to decrease the frequency and/or severity of losses is

risk control

An excess policy that contains all the agreements between the insured and insurer and that forms a complete insurance policy is a...

self-contained policy a self-contained excess policy is subject to only its own terms, meaning that a loss must be specifically covered by the policy to apply

Underwriting management develops underwriting guidelines, which

specify the insurer's attitude towards applicants exhibiting certain characteristics

laws made by formal enactments of legislative bodies are referred to as

statutory law

Risk management concepts in one form or another apply

too all companies and families

In managing loss exposures using the risk management process, the key to identifying loss exposures is

AINS 21

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