Which principles ensures that an insured does not profit by insuring with multiple insurers?
Q: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…
A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…
Q: What kind of insurance forms may not be included in the comprehensive forms?
A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…
Q: All of the following are reasons for a primary insurer to use reinsurance EXCEPT O to increase the…
A: Reinsurance is nothing but an insurance policy taken by an insurance company from another insurance…
Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…
A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…
Q: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
Q: Which is not a management practice for reducing the problems of adverse selection and moral hazard…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is…
A: IFRS: The full form of IFRS is international financial reporting standards. For the preparation of…
Q: Which of the following sections of a commercial general liability policy contains information about…
A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…
Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…
A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…
Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…
A: Insurance management: Insurance Management is the administration of all insurance requirements, both…
Q: . Which of the following is TRUE regarding a whole life insurance policy that pays a dividend?…
A: Please not th at as per the guidelines, I am required to answer only the first three questions.…
Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…
A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…
Q: The Patient Protection and Affordable Care Act limits the extent to which insurers may consider age…
A: Insurance is an agreement between two parties in which one party (insurance company) agrees to…
Q: what are the pros and cons of being insured by a mutual insurance company vs a stock insurance…
A: There are two types of insurance companies: mutual insurance company and stock insurance companies.…
Q: Who are front-line underwriters? What are premium volume and loss experience with the insurer? What…
A: Underwriters are the person who sell theshares on behalf of the firm. They are very useful for the…
Q: What is the consideration for the insurer in an insurance contract?
A: Contract: Contract is an agreement among two parties or more parties which includes enforceable…
Q: Insurance producers who must maintain Premium Fund Trust Accounts (PFTAS) may withdraw funds from…
A: The withdrawal from premium fund trust accounts are permitted for following purposes 1) As payment…
Q: Why would an insured inflate claims and who are the ones to suffer for it?
A: Insurance can be defined as the contract that is signed by an insurer indemnifies another person…
Q: f the renewal of the policy was at the discretion of the insurer, would you expect the premiums to…
A: Insurance renewal means that the coverage on insurance continues to exist after expiration of the…
Q: An implied condition of pooling risks with insurance is that the event being insured against is…
A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…
Q: 2. When two or more policies cover the same loss, the right of the one insurer to call upon the…
A: The following are some of the Principles of Insurance Principle of Contribution Principle…
Q: what is one example of a risk management strategy used by insurance companies to mitigate…
A: An underwriter's potential loss is known as underwriting risk. Underwriting risk in insurance can…
Q: Company
A: Insurance is defined as a financial arrangement between the insured & the insurance company…
Q: What are the remedies that a mortgagor and mortgagee may avail if either of them fail to do their…
A: Mortgage loan (Background) : In a mortgage loan, the mortgagor obtains the loan to…
Q: why is it important for insurance companies to manage underwriting risk?
A: in contract of insurance there is a guarantee by insurance that it will pay the damage or loss .…
Q: Discuss the potential for adverse selection when insureds exercise the renewability or…
A: In the insurance industry, adverse selection refers to situations in which an insurance company…
Q: Which of the following is NOT an example of non-deposit taking financial institution (NDFI)? i)…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: what underwriting risk. what are two risks faced by insurance companies?
A: The underwriting risk is the risk which is borne by the underwriter due to the inaccurate…
Q: What will making a prepayment for insurance have the effect of?
A: The insurance paid in advance means the expense has been paid but it is not due yet.
Q: The _______________ problem is when customers who are most likely to have a claim against an…
A: In a business, an adverse selection occurs where the knowledge distribution between the buyer and…
Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…
A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…
Q: Which of the following sections of a commercial general liability policy contains information about…
A: Insurance is the process through which an individual or corporation is provided financial coverage…
Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?
A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…
Q: How does the Insurance Commission assure the investing public on the safety of the Insurance…
A: Insurance Commission is an amount paid to the broker or agent of insurance products for selling the…
Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…
A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…
Q: Which of the following is correct about the effect of a deductible with respect to the price of an…
A: Insurance is an agreement or a contract between two parties. An insurance contract states that one…
Q: Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts…
A: Permanent life insurance is the insurance policy that covers the whole life whereas term life…
Q: Which of Ike following statements is CORRECT about he Missialement of Age provision in a health…
A: The misstatement of age clause is the provision under the life insurance policy that clears the…
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- Which is not an essential characteristic of an insurance contract? A. transfer of significant risk from the issuer to the policyholder B. policyholder pays the issuer for the transfer of risk C. issuer indemnifies the policyholder for losses when the insured event occurs D. none of the aboveWhy would an insured inflate claims and who are the ones to suffer for it?Which of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insurance
- The promises of the insurer are found in the insurance policy. True Falsetell me why the use of reinsurance contributes to the solvency of the ceding insurer.One of the purposes that deductible are used in insurance policies is to O eliminate coverage for small claims. O place restrictions or limits on the insurer's promise to perform. provide broader coverage by increasing the number of perils covered. exclude perils that are not insurable.
- What will making a prepayment for insurance have the effect of?Which of the following is not a requirement of a "qualified" long-term care insurance policy? The benefit of the policy must offer inflation protection. The contract must offer to cover pre-existing conditions. The contract must be guaranteed renewable. The contract must offer to pay a nonforfeiture benefit.What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection with any interpretation of the provisions of the life insurance policy?
- Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs. b.The policyholder is the party that has a right to compensation under an insurance contract if an insured event occurs. c.The insured event is an uncertain future event that is covered by an insurance contract and creates insurance risk. d.All of these statements are true about an insurance contract. 2. IFRS 17 provides that insurance contracts should * a.Comply with all existing IFRS b.Generally continue to be subject to existing accounting policies. c.Comply with the IFRS Framework document. d.Be covered by IAS 32 and IFRS 9 3.An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this…Who are front-line underwriters? What are premium volume and loss experience with the insurer? What is monitoring of underwriting decisions?What levels and kinds of risks are properly and mosteconomically passed on to insurance carriers?