C11 Principles and Practice of Insurance Study guides, Class notes & Summaries

C11 Principles and Practice of Insurance Exam Questions With Verified Answers Areas of regulation for Intermediaries - answerQ-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: - answer1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Auto...

C11 Principles and Practice of Insurance Insurance - answerA contract which one party the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specific hazards or perils. risk - answerThe chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Somet

C11 Principles & Practice - CH03 - Ratemaking, Underwriting, and Rating Exam Questions With 100% Verified Answers What is RATEMAKING? - answer- Process of establishing rates for each class of insurance. - Determining the cost of a specified unit of insurance for a given period of time. *(MNQ) What is RATE (unit cost)? - answer- The price of a unit of insurance for a period of one year. - Expressed in dollars and cents or as a percentage. *(MNQ) What is PREMIUM? - answer- Total cost of a...

C11 Principles and Practice of Insurance - Study 2 Exam Questions With 100% Verified Answers Indemnify - answerto provide compensation for loss or expenses incurred Contract - answeran agreement or promise between two or more persons that is intended to be legally enforceable and is constituted by the acceptance by one party of an offer made to him by the other party, to do or to abstain from doing a specific act Agent - answera person who is employed or authorized to act on behalf of ano...

C11 Principles and Practice of Insurance Latest Update Graded A+ Areas of regulation for Intermediaries Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile Commercial prop...

C11 Principles and Practice of Insurance Latest Update 100% Correct insurance A contract which one party the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specific hazards or perils. risk The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract objectives of risk...

C11 Principles and Practice of Insurance