Overview of Insurance
This term refers to the amount an insured must pay out of pocket before their insurance coverage kicks in.
Deductible
This term describes the process of determining the risk associated with insuring a person or asset and deciding the terms of coverage.
Underwriting
What does TPA stand for?
Third-party Administrators
Who went to Western Michigan University?
Mark Maday
Where did Matt Waters work before coming to AXA XL
Liberty Mutual
This financial metric is used to evaluate an insurance company's profitability and is calculated by adding the loss ratio and the expense ratio.
Combined Ratio
Grouping insureds based on similar loss characteristics is called
Pooling
Insurance is regulated by:
A. Primarily by the federal government with some state laws applying.
B. By the states.
C. By the federal government.
D. Primarily by the states with some federal laws applying.
Primarily by the states with some federal laws applying.
Who has a minor in art history?
Mary Smiley
What did GPS stand for in the Underwriting GPS goal setting activity?
Goals, Path, Support
This term refers to the specific risks that an insurance policy does not cover.
Exclusions
What is the name of the document that outlines the terms and conditions of insurance coverage, including the coverage limits and exclusions, issued after the underwriting process?
Insurance policy
The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss is known as which one of the following?
Subrogation
Who played Intramural Basketball in school?
Ben Davis
Name one area of Risk Management that Florian said his team focuses on
Terrorism, Energy, Cyber, etc.
Solvency regulation protects policyholders against the risk that insurers
A. Will be unable to meet their financial obligations.
B. Charge excessive premiums for insurance products.
C. Will benefit from unfair claims practices.
D. Compete unfairly in niche markets through selective advertising.
Will be unable to meet their financial obligations.
Which one of the following best defines the policy premium?
A. The price assigned to a single exposure unit.
B. The basic measurement unit of an insured risk.
C. It dictates which coverage endorsements must be included.
D. The price paid by the insured for coverage for a given policy period, is the byproduct of the policy's rate and associated exposure units.
The price paid by the insured for coverage for a given policy period, is the byproduct of the policy's rate and associated exposure units.
Elin purchased insurance coverage for her florist business. She received her mulit-page policy from the carrier and calls her agent Olivia to find where the amounts of insurance and the premium is found in the policy. Olivia should tell Elin to look in which section of the policy?
Declarations
Who studied Economics at University of Albany?
Kevin McDade
Lloyd is a fan of what soccer team?
Tottenham Hotspur
Which one of the following formulas calculates the return on equity?
A. Net investment income divided by earned premiums
B. Net investment income divided by unearned premiums
C. Incurred losses divided by written premiums
D. Net income divided by owners' equity
Net income divided by owners' equity
When setting prices for insurance policies, underwriters contribute to policy premium determination through their involvement in Select one:
A. Determining exact customer acquisition expenses.
B. Projecting prospective loss costs through risk classification.
C. Setting profit margins for each line of insurance.
D. Calculating the total number of exposure units per policy.
Projecting prospective loss costs through risk classification.
What is the effect of fraudulent insurance applications on the insurance industry?
A. Premiums must be raised for all insureds to pay for losses.
B. Insurers are unable to pay for losses.
C. The insurance industry is minimally affected.
D. Premium must be raised for only the policyholder to pay for losses.
Premiums must be raised for all insureds to pay for losses.
Who played baseball at Susquehanna University?
Jimmy DiVirgilio
In what city or state was the boiler explosion that Kevin presented in our OpEx session?
St. Louis, Missouri