Property and Casualty Insurance - quiz 17 - Amrit Karki
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Question 1 of 10
1. Question
In the case of liability insurance tail coverage is sold for claims occurring during?
Correct
Tail coverage is sold for claims occurring during the period, but which are reported after the final policy period provided by the insurer.
Incorrect
Tail coverage is sold for claims occurring during the period, but which are reported after the final policy period provided by the insurer.
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Question 2 of 10
2. Question
In order to reduce their risk which of the following does the insurer may do?
Correct
Therefore if there is a $2 million limit, that amount covers both defense cost and indemnity payment. If the limit is exhausted by defense costs, the insurer can withdraw.
Incorrect
Therefore if there is a $2 million limit, that amount covers both defense cost and indemnity payment. If the limit is exhausted by defense costs, the insurer can withdraw.
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Question 3 of 10
3. Question
An economic incentive for the policyholder to prevent a claim occurs because?
Correct
The fact that the deductible puts the policyholder at risk provides an economic incentive for the policyholder to prevent a claim.
Incorrect
The fact that the deductible puts the policyholder at risk provides an economic incentive for the policyholder to prevent a claim.
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Question 4 of 10
4. Question
The policyholder can optimize the use of limited premium dollars by using the deductible to save money at?
Correct
The policyholder can optimize the use of limited premium dollars by using the deductible to save money where the value of the coverage is not as great (i.e., in terms of its utility)
Incorrect
The policyholder can optimize the use of limited premium dollars by using the deductible to save money where the value of the coverage is not as great (i.e., in terms of its utility)
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Question 5 of 10
5. Question
Fixed percentage deductibles in case of fixed dollar deductibles are referred to as?
Correct
A fixed percentage deductible is usually combined with a minimum dollar deductible so the insurer does not need to handle small claims
Incorrect
A fixed percentage deductible is usually combined with a minimum dollar deductible so the insurer does not need to handle small claims
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Question 6 of 10
6. Question
A disappearing deductible in fixed-dollar deductibles is referred to as?
Correct
If the loss exceeds 1$ dollars, then the insurer pays the loss in full.
Incorrect
If the loss exceeds 1$ dollars, then the insurer pays the loss in full.
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Question 7 of 10
7. Question
In the context of risk, setting a policy limit provides?
Correct
This, in turn, decreases the probability of insurer insolvency
Incorrect
This, in turn, decreases the probability of insurer insolvency
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Question 8 of 10
8. Question
Loss reserving can be referred to as?
Correct
This function is so important that most jurisdictions now require by law that a qualified actuary at test.
Incorrect
This function is so important that most jurisdictions now require by law that a qualified actuary at test.
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Question 9 of 10
9. Question
An aggregate loss distribution is a combination of?
Correct
An aggregate loss distribution is the combination of the frequency and severity distributions or developed directly from total losses
Incorrect
An aggregate loss distribution is the combination of the frequency and severity distributions or developed directly from total losses
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Question 10 of 10
10. Question
Pure premium in the case of property/casualty actuaries is referred to as?
Correct
It is also called a net premium by life actuaries.
Incorrect
It is also called a net premium by life actuaries.