Understanding Insurance Underwriting FINAL EXAM (FLORIDA) Copy

At its most basic level, the purpose of underwriting is to decide which of the following?

The job of an underwriter is to do which of the following?

Which of the following helps determine which factors the underwriter uses to evaluate the subject seeking insurance?

Which of the following describes the type of documents an underwriter would want to help in his or her evaluation?

When underwriting insurance for clients, underwriters need to know which of the following?

An underwriter that works with commercial lines applicants is familiar with which of the following?

An underwriter that would use medical history to evaluate a client’s insurability would most likely be which of the following?

A group insurance policy that offers individual rates saves money by reducing which of the following?

Applicants are rejected by underwriters for which reason?

Applicants are issued policies on a standard basis for which of the following reasons?

Applicants are issued policies on a substandard basis for which of the following reasons?

When is a policy no longer in need of underwriting?

Reviewing a client’s information on an annual basis is done for which of the following reasons?

An underwriter helps determine which of the following?

Under property insurance, a insured client must meet which of the following requirements?

Which of the following is one of the four elements of a legal insurance contract?

States have placed regulations on property-casualty insurance in order to prevent which of the following?

Which of the following losses would not be insurable?

Which of the following losses would be insurable?

A pure risk must have the potential for which two results?

What two kinds of losses must insurers calculate for their clients?

Why are insurers not capable of covering losses that affect many people simultaneously?

Which of the following describes an occasion when intentional losses are insurable?

Underwriters may use which three broad methods to assign rates?

When an underwriter uses his or her own knowledge and experience to determine a rate, he or she is using which rate assignment method?

When an underwriter uses a predetermined rate found in a manual, they are using which rate assignment method?

Heavily regulated lines of insurance are most likely to use which of the following as their rate assignment method?

When a competitive market does not exist for some clients, what action does the state usually undertake?

Besides rates, underwriters can also require applicants to do which of the following?

Life insurance applications do not generally require which of the following?

Which of the following details would be found on a homeowner’s application?

Which of the following is illegal to use as a factor in determining automobile insurance rates?

Why do professional liability and errors and omissions applications require so much detailed information?

Which of the following is true of worker’s compensation?

Who fills out an APS for a health insurance applications?

Which types of insurance are most likely to have a site inspection as part of their application process?

An agent’s role in the underwriting process typically revolves around which of the following?

Insurance regulations that address insurance rates are trying to establish which of the following?

Which of the following is NOT an unfair trade practice we discussed in this course?

What is the general term for transferring a portion or all of the insurance written by one insurer to another insurer?

Only one reinsurance option was discussed for disability income insurers, which of the following is that reinsurance type?

Which of the following current technological advancements looks like it will have a significant effect of discrimination laws?