Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Free Practice Questions
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
The estimation of the loss ratio uses industry gained premium in the denominator, whereas
Correct
The insurer’s earned premium at current rates might be the correct calculation.
Incorrect
The insurer’s earned premium at current rates might be the correct calculation.
-
Question 2 of 10
2. Question
Manual rates may still be used in the rating for risks when
Correct
so, when the risks are high, projected rates are applied.
Incorrect
so, when the risks are high, projected rates are applied.
-
Question 3 of 10
3. Question
When the funding allocation is 100% based on actual losses,
Correct
Participants don’t get the shared risk made by the company during funding allocation.
Incorrect
Participants don’t get the shared risk made by the company during funding allocation.
-
Question 4 of 10
4. Question
Any self-insurer would need to establish where
Correct
Self-insurer can determine their risk-sharing factors during allocation.
Incorrect
Self-insurer can determine their risk-sharing factors during allocation.
-
Question 5 of 10
5. Question
The primary goal of an individual risk rating plan for an insurer is a
Correct
Such plans provide reasons to insureds to improve risk control and therefore their costs.
Incorrect
Such plans provide reasons to insureds to improve risk control and therefore their costs.
-
Question 6 of 10
6. Question
For self-insureds, the advantage of an individual risk rating plan is that,
Correct
It also promotes methods to control the risks.
Incorrect
It also promotes methods to control the risks.
-
Question 7 of 10
7. Question
Schedule rating is used to include understanding about an insured’s risk aspects that are
Correct
For example, an insured might place a sprinkler system that is supposed to reduce losses in the future.
Incorrect
For example, an insured might place a sprinkler system that is supposed to reduce losses in the future.
-
Question 8 of 10
8. Question
Schedule rating is also used for many smaller insureds that
Correct
Every small change is accounted for by experience rating.
Incorrect
Every small change is accounted for by experience rating.
-
Question 9 of 10
9. Question
While the main goal of small deductibles is an expense reduction for the insurer as many smaller problem claims are not handled,
Correct
A large-deductible serves its purpose at the time of need by providing a claim opportunity at times of risk.
Incorrect
A large-deductible serves its purpose at the time of need by providing a claim opportunity at times of risk.
-
Question 10 of 10
10. Question
Under retrospective rating plans, the actual losses of the current policy are used,
Correct
It may take several years before the final premium is known.
Incorrect
It may take several years before the final premium is known.