Property and Casualty Insurance - quiz 16 - Amrit Karki
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Question 1 of 10
1. Question
In case of individual risk rating plan, when the funding allocation is 100% based on actual losses
Correct
Each self- insurer would need to establish where to balance its desired level of risk sharing to set the allocation.
Incorrect
Each self- insurer would need to establish where to balance its desired level of risk sharing to set the allocation.
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Question 2 of 10
2. Question
A policyholder who buys less than full coverage is only penalized if
Correct
Since he or she can pay a lower premium and get away with it
Incorrect
Since he or she can pay a lower premium and get away with it
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Question 3 of 10
3. Question
If a policyholder uses less than 100% of the coinsurance which of the following is recommended?
Correct
Using the coinsurance less than 100% may not be beneficial for the policyholder
Incorrect
Using the coinsurance less than 100% may not be beneficial for the policyholder
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Question 4 of 10
4. Question
If the coverage on the dwelling and other buildings under the normal homeowner’s policy provides replacement cost coverage if the coinsurance clause has been satisfied if it is not satisfied which of the following will occur?
Correct
Coverage applies to the present cash value of the contract which does not extend to the premium clause
Incorrect
Coverage applies to the present cash value of the contract which does not extend to the premium clause
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Question 5 of 10
5. Question
Tenants package is referred to as?
Correct
Tenants package is for those who rent rather than own their own homes.
Incorrect
Tenants package is for those who rent rather than own their own homes.
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Question 6 of 10
6. Question
The coverage within a tenant’s package is mostly coverage for?
Correct
If the apartment building is damaged by wind, fire, or other insured peril, it is not of concern to the tenants except as to their personal possessions and some rights of tenancy
Incorrect
If the apartment building is damaged by wind, fire, or other insured peril, it is not of concern to the tenants except as to their personal possessions and some rights of tenancy
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Question 7 of 10
7. Question
Under current workers compensation laws, if a worker suffers through occupational injuries which of the following statements is true?
Correct
In return, the compensation paid to the injured or sick worker is normally limited
Incorrect
In return, the compensation paid to the injured or sick worker is normally limited
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Question 8 of 10
8. Question
The primary difference between workers compensation in the United States and Canada is
Correct
Private workers compensation is more common in the United States
Incorrect
Private workers compensation is more common in the United States
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Question 9 of 10
9. Question
The Bomhuetter Ferguson method combines
Correct
It only uses initial loss ratio expectations to the extent that losses are not paid or reported
Incorrect
It only uses initial loss ratio expectations to the extent that losses are not paid or reported
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Question 10 of 10
10. Question
In liability insurance coverage’s are characterized by
Correct
These claims are often reported many years after the occurrence and take many years to settle once they are reported
Incorrect
These claims are often reported many years after the occurrence and take many years to settle once they are reported