Social Sciences > QUESTIONS & ANSWERS > C120 IIC Application/Narrative Questions Flashcards - CH.1-9 (All)
C120 IIC Application/Narrative Questions Flashcards - CH.1-9
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C120 IIC Application/Narrative Questions Flashcards - CH.1-9 The line guide specifies the criteria that an underwriter must consider when accepting or rejecting a risk. List FIVE (5) of the areas ... the underwriter should consider when making a decision - ✔✔• Licensing • Types of business • Lines of business • Territory • Capacity • Reinsurance • Pricing When assessing a risk, what questions does an underwriter explore before making a decision? - ✔✔• Length of time in business? • Type of loss? • Perils? • Physical hazards? • Moral hazard? Explain the difference between pure risk and speculative risk. List the types of insurable risks - ✔✔• Pure risk is a risk that entails a chance of loss but no chance of profit • Speculative risk is a risk where there is a chance of loss and a chance of profit • Types of insurable risks o Personal risks o Property risks o Liability risks Kumar purchases a compact SUV. He has been driving for more than 12 years and has a clean record. Kumar has been working at his job for 18 months, and the SUV is his first big purchase. He rents an apartment in a high-traffic neighbourhood that has seen a spike in crime and accidents over the past few years. Being an owner of a new automobile and living in a high-crime, highaccident neighbourhood puts Kumar at risk of financial loss arising o [Show More]
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