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FIN 341 EXAM 1 PRACTICE QUESTIONS WITH DETAILED EXPLANATIONS 2026

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FIN 341 EXAM 1 PRACTICE QUESTIONS WITH DETAILED EXPLANATIONS 2026

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FIN 341 EXAM 1 PRACTICE QUESTIONS WITH
DETAILED EXPLANATIONS 2026

◉ Underwriting.
Answer: The process of selecting, classifying, and pricing applicants
for insurance


◉ Statement of underwriting policy.
Answer: establishes policies that are conistent with the companys
objectives


◉ Basic principles of underwriting.
Answer: -Attain an underwriting profit
-Select prospective insureds according to the companys
underwriting standards
-Reduce adverse selection


◉ Adverse selection.
Answer: The tendency of people with a high - than - average chance
of loss to seek insurance at standard rates


◉ Steps in underwriting.

, Answer: - starts with agent
- reviews report
-either selects to accept, accept with changes, or denies


◉ Ratemaking.
Answer: refers to the pricing of insurance and the calculation of
insurance premiums


◉ Rate.
Answer: price per unit of insurance


◉ Exposure unit.
Answer: unit of measurement used in insurance pricing


◉ Premium formula.
Answer: = rate x exposure units


◉ Actuary.
Answer: - determines rates and premiums


◉ Pure premium.
Answer: portion of rate needed to pay losses and expenses

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