Delaware Insurance Exam - Chapter 2 Study Exam Guide 2024

Delaware Insurance Exam - Chapter 2 Study Exam Guide 2024 Acceptance - CORRECT ANSWER-The issuance of an insurance policy by an insurer Acceptance Receipt - CORRECT ANSWER-Sets the effective date of coverage as the application date upon receipt of initial premium Actuarial Department - CORRECT ANSWER-The function responsible for rate-setting Application - CORRECT ANSWER-The form that provides the insurer with information necessary to assess risk Automatic Agreement - CORRECT ANSWER-A type of reinsurance arrangement where risk is ceded to members of an underwriting syndicate. Upon acceptance of that risk, no further consultation takes place Ceding Company - CORRECT ANSWER-The company where risk originates for reinsurer Claim Forms - CORRECT ANSWER-The form in which a loss must be reported to the insurer by the insured Concealment - CORRECT ANSWER-The intentional withholding of facts that may have had an impact on an insurer's decision to issue a policy Conditional Receipt - CORRECT ANSWER-A receipt that establishes the application date as date of coverage upon acceptance of risk by the insure