Insurance services are classified into two major groups: 1) life and 2) property-casualty. Select one: True False

Q: For automobile insurance, Describe how risk can be managed. Evaluate the risks in society.…

A: Automobile Insurance: When you get auto insurance, you enter into a contract with the insurance…

Q: Which of the following is NOT a business of life/non-life insurance firm? a. Property/casualty…

A: Life insurance: Phrase life insurance, moreover known as pure life insurance, is life protections…

Q: Identify how life insurance fund appears in the financial statements? a. The debit side of the…

A: Life Insurance Fund- It is a fund which helps the entity in making payment for its obligation which…

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: It pertains to a risk management technique when acquiring a life insurance. * risk avoidance risk…

A: One of the risk management technique is Risk Transfer where one party transfer the risk to another.…

Q: Insurers in California are required to offer ________ coverage to consumers due to the substantial…

A: An insurance is a scheme which is availed by consumers to get protected against a particular risk.…

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: Describe how an unrelated tenant in common or joint tenant should protect him- or herself from…

A: Please find the answer to the above question below:

Q: 3, Which of the following principles of insurance denotes a positive duty of the person seeking…

A: Utmost good faith principle of insurance: As a general rule, insurance contracts are governed by the…

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: ain ONE key financial risk that an insurance company is exposed to. Explain the policies and…

A: Basic Concept of Insurance Financial risk in insurance and Mitigation

Q: Type of long-term care policies Triggers to become eligible for benefits Exclusions

A: Point to be Noted:- Since you have asked questions with multiple sub parts. I will be answering…

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: The PRIMARY function of an umbrella liability insurance policy is to provide coverage for   • A.…

A: Umbrella Insurance is extra insurance that provides protection beyond existing limits of other…

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: 1. The significant risk that is transferred from the policyholder to the issuer of an insurance…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: An insurance refers to a signed agreement between the insured and the insurer. a. Security b.…

A: In Insurance there are two parties, Insurer and Insured

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: Which of the following statements is correct about perils in property insurance policies?

A: Insurance is a contract by which the insured party is protected against losses by the Insurer in…

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: Loans are available from term life insurance policies.   a.   True   b.   False

A: Policy loans are not available from term life insurance policies. Because there is no cash value to…

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: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Insuring clause in an Accident & Health policy states which of the following information? A. The…

A: There are different clause in the insurance policy that what is covered and what is not covered and…

Q: Company

A: Insurance is defined as a financial arrangement between the insured & the insurance company…

Q: Which principles ensures that an insured does not profit by insuring with multiple insurers?

A: The Principles of Contribution ensures that an insurance that an insured does not profit by insuring…

Q: Name a peril that is often excluded from an home or auto insurance policy.  Why is the peril…

A: Peril means an event causing fire or theft or damage to assets like home, auto mobiles etc Peril…

Q: Supplemental coverage for homeowner's insurance is available through endorsements. Which one…

A: Supplemental coverage for homeowner's insurance is available through endorsements. These are the…

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: The Director of Insurance has the power to. make reasonable insurance rules and regulations…

A: Insurance means a contract between two parties in which one party bears the risk of the other party…

Q: 1. Insurable interest refers to O A. the item to be insured should be legal and not against public…

A: Insurable Interest forms subject matter of all insurance policies and is defined as follows

Q: Insurance

A: Insurance is protection against unforeseen risks. It compensates for the losses suffered either by…

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: e insurance and non life insurance saves the assets of its pilicy ho

A: Life insurance and nonlife insurance are two different category of insurance schemes.

Q: Please give and explain the numerical example of adverse selection that arises in life insurance…

A: In Insurance adverse selection refers to situations in which an insurance company extends insurance…

Q: Insurance companies may use all of he following sources to oblain underwriting information about an…

A: Insurance is an agreement between the insurer and the insured, where the insurer agrees to pay an…

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…