Risk Management and Insurance > EXAM > INSURANCE OPERATIONS EXAM 2 2025 STUDY QUESTIONS WITH CORRECT ANSWERS GUARANTEED PASS | RATED A+ (All)

INSURANCE OPERATIONS EXAM 2 2025 STUDY QUESTIONS WITH CORRECT ANSWERS GUARANTEED PASS | RATED A+

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INSURANCE OPERATIONS EXAM 2 2025 STUDY QUESTIONS WITH CORRECT ANSWERS GUARANTEED PASS | RATED A+ 1. A book of business has suffered the following losses: Paid losses $1,000,000 Case losses $500,00... 0 IBNR losses $500,000 A 30% quota share applies to all of this business. That quota share inures to the benefit of a second treaty. What are the ultimate net losses that apply to the second treaty? A. $2,857,143.00 B. $1,400,000.00 C. $2,000,000.00 D. $1,050,000.00 - Answer>>> B. $1,400,000.00 2. An insurance company employee who investigates the scene of a loss; meets with insureds, claimants, lawyers, and others; and inspects damage is most accurately called A. An independent adjuster B. A field claim representative C. An adjusting agent D. A third-party administrator - Answer>>> B. A field claim representative 3. Which one of the following statements is correct regarding the interaction between risk control and other insurer functions? A. Risk control personnel are responsible for answering any complex questions that insures have about premium audits. B. A risk control evaluation can make the difference between the applicant's being rejected or accepted by the underwriter. C. Risk control representatives compile detailed data for the actuarial department ro use in establishing rates. D. Risk control representatives are responsible for compiling all the information required for a premium audit. - Answer>>> B. A risk control evaluation can make the difference between the applicant's being rejected or accepted by the underwriter. [Show More]

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