3.Define the meaning of underwriting. Briefly explain the basic principles of underwriting.
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3.Define the meaning of underwriting. Briefly explain the basic principles of underwriting.
4.Explain the reasons why the insurance industry is regulated.
5.Why is an insurable interest required in every insurance contract
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- describing how the element of "risk" factors into the concept of insurance. cite a specific type of insurance policy and indicate how risk will play into the issuance of the insurance policy.What is the consideration for the insurer in an insurance contract? 1.Premiums Paid 2.Risk Avoidance 3.The literal piece of paper the contract is written on is the consideration 4.An Insurance Contract does not require considerationwhat is the role of the Insurance Core Principles as it relates to underwriting risks, in the effective management of insurance companies?
- What are the differences between an insurance agent and an insurance broker? Discuss.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…N1 How life insurance contracts are different from other financial services or products?
- 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 insuranceWhat is the importance of insurance companies?Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form