When developing an insurance scoring factor, a company may not consider Income Amount of outstanding debt History of late payment Payment history on credit cards
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When developing an insurance scoring factor, a company may not consider
- Income
- Amount of outstanding debt
- History of late payment
- Payment history on credit cards
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- Which of the followig is not one of the purposes of having a deductible in insurance contract: A) Reduce incidents of adverse selection B) Reduce moral and morale hazard C) Reduce premiums paid by the insured D) Eliminate small claims that are expensive to handle and processThe owner of a chain of bicycle stores are uncertain whether on of their shops is covered under their commercial general liability policy. To verify coverage, they should check which of the following policy provision? Condition Declaration other insurance insuring agreementTo keep a Renewable Term policy active, the insured must do which of the following?A. Submit a renewal application B.Provide proof of insurability C. Pay the annual renewal fee D. Choose a new beneficiary.
- The Time of Payment of Claims provision requires that an insurance company pay Disability Income benefits no less frequently than. A.annually B.semiannually C.quarterly D.monthlyBoth types of insurance customers receive the same insurance policy. Choice 1 of 2:True Choice 2 of 2:FalseA risk-averse individual experiences an adverse event with probability of 2% (0.02) that costs $1000. How much insurance coverage will the individual purchase if premiums are actuarily fair? a-some amount more than $1000 b-$1000 c-$0 d-some amount greater than $0, but less than $1000
- Describe this insurance scorecard claims.Question content area Part 1 The potential market represents all active duty military members, allveterans, and their families. Assume that according to the United States Department of Defense, as ofDecember 31, last year there were 1 comma 361 comma 597 active duty personnel in all armed services.The veteran population totaled 21 million last year. Assuming the average cost of life insurance is $750 peryear and that potential customers purchase one policy per year, use the chain ratio method to calculatethe market potential for life insurance in the military market. Hint: see the Market Potential and SalesEstimates section of Appendix 3 Marketing by the Numbers in your textbook. Part 2 The number of buyersin the market can be estimated as 22,361, 597. (Round to the nearest whole number.) Part 3 Themarket demand is estimated as $16.77 million. (Round to the nearest whole number.)Risk can be defined as the effects of uncertainty on objectives and often manifests itself in risk to property and ownership, operations and ….. of funds. A) flow B) outflow