WEBCE - COMMERCIAL LINES 101 TEST LATEST UPDATED
What is the objective of the underwriter? ANSWER to produce a business book
where the actual losses are close to the anticipated losses.
Gertrude plans to work as an insurance representative. She wants to work for a
company that represents a wide range of insurance providers. For a(n), Gertrude
will report to work. ANSWER Self-governing organisation
MegaInsurers is supposed to act quickly to resolve the resulting claim when a
client has a loss. Generally, claim expenses take up between 50 and 90 per cent
of the following, depending on the insurance line: ANSWER The premium
dollar.
The insurance authorities in the states where Anderson Auto Insurance
Company operates have determined that the prices set by the company are
reasonable. Because insufficient rates can result in: ANSWER Anderson's
insolvency, Anderson is highly worried about setting appropriate rates.
How is policy form regulation handled by a state insurance department?
ANSWER The state insurance department approves the forms.
Grand Insurance is currently processing many claims totaling approximately $4
million. The ANSWER Loss reserves are the name given to this estimation.
Speedy Insurance provides a commercial general liability policy to ABC
Contractors' owner, Kevin. According to the policy, Speedy Insurance
undertakes to cover all responsibility resulting from property damage or
physical harm that takes place within the insurance period. This can be found in
the policy's _________________: ANSWER: Providing assurance.
A small business owner named Frank is unhappy with the numerous exclusions
in his commercial liability policy. All of the explanations for the exclusions
should be provided by his agent. Out of the following, which one does not
explain the exclusions? ANSWER The exclusions contribute to the large profits
of the insurance.
What is the objective of the underwriter? ANSWER to produce a business book
where the actual losses are close to the anticipated losses.
Gertrude plans to work as an insurance representative. She wants to work for a
company that represents a wide range of insurance providers. For a(n), Gertrude
will report to work. ANSWER Self-governing organisation
MegaInsurers is supposed to act quickly to resolve the resulting claim when a
client has a loss. Generally, claim expenses take up between 50 and 90 per cent
of the following, depending on the insurance line: ANSWER The premium
dollar.
The insurance authorities in the states where Anderson Auto Insurance
Company operates have determined that the prices set by the company are
reasonable. Because insufficient rates can result in: ANSWER Anderson's
insolvency, Anderson is highly worried about setting appropriate rates.
How is policy form regulation handled by a state insurance department?
ANSWER The state insurance department approves the forms.
Grand Insurance is currently processing many claims totaling approximately $4
million. The ANSWER Loss reserves are the name given to this estimation.
Speedy Insurance provides a commercial general liability policy to ABC
Contractors' owner, Kevin. According to the policy, Speedy Insurance
undertakes to cover all responsibility resulting from property damage or
physical harm that takes place within the insurance period. This can be found in
the policy's _________________: ANSWER: Providing assurance.
A small business owner named Frank is unhappy with the numerous exclusions
in his commercial liability policy. All of the explanations for the exclusions
should be provided by his agent. Out of the following, which one does not
explain the exclusions? ANSWER The exclusions contribute to the large profits
of the insurance.
