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

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 property Crime Business interruption Liability Aviation Marine Inla...

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 & Practice Exam Questions And Answers (Updated And Verified) What are the 3 general types of risk? - answerPeoPLe are risk! Personal, Property, Liability What does "insurance" mean? - answerWhen something gets cRuMPLEd, Indemnify! Indemnification, Risk, Money, Perils, Loss, Exposure How does insurance provide security? - answerIt WIIPs risks ***********! Worries, Inconvenience, Indemnification, Premiums What do risk managers do? - answerThey eat kIMChi! Identify, Measur...

C11 Exam Questions And Answers (Updated And Verified) What are the six activities that are conducted on almost every manufactured product? - answerDesign, material selection, process selection, manufacture, inspection and evaluation, and feed back. Materials Processing - answerthe way a material is is converted into a useful shape with structure and properties that are optimized for the proposed service environment What are the five basic families of shape production processes? Cite one a...

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...