Which principles ensures that an insured does not profit by insuring with multiple insurers?

Q: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…

A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…

Q: What kind of insurance  forms may not be included in the comprehensive forms?

A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…

Q: All of the following are reasons for a primary insurer to use reinsurance EXCEPT O to increase the…

A: Reinsurance is nothing but an insurance policy taken by an insurance company from another insurance…

Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…

A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…

Q: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: Which is not a management practice for reducing the problems of adverse selection and moral hazard…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is…

A: IFRS: The full form of IFRS is international financial reporting standards. For the preparation of…

Q: Which of the following sections of a commercial general liability policy contains information about…

A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…

Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…

A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: . Which of the following is TRUE regarding a whole life insurance policy that pays a dividend?…

A: Please not th  at as per the guidelines, I am required to answer only the first three questions.…

Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…

A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…

Q: The Patient Protection and Affordable Care Act limits the extent to which insurers may consider age…

A: Insurance is an agreement between two parties in which one party (insurance company) agrees to…

Q: what are the pros and cons of being insured by a mutual insurance company vs a stock insurance…

A: There are two types of insurance companies: mutual insurance company and stock insurance companies.…

Q: Who are front-line underwriters? What are premium volume and loss experience with the insurer? What…

A: Underwriters are the person who sell theshares on behalf of the firm. They are very useful for the…

Q: What is the consideration for the insurer in an insurance contract?

A: Contract:   Contract is an agreement among two parties or more parties which includes enforceable…

Q: Insurance producers who must maintain Premium Fund Trust Accounts (PFTAS) may withdraw funds from…

A: The withdrawal from premium fund trust accounts are permitted for following purposes 1) As payment…

Q: Why would an insured inflate claims and who are the ones to suffer for it?

A: Insurance can be defined as the contract that is signed by an insurer indemnifies another person…

Q: f the renewal of the policy was at the discretion of the insurer, would you expect the premiums to…

A: Insurance renewal means that the coverage on insurance continues to exist after expiration of the…

Q: An implied condition of pooling risks with insurance is that the event being insured against is…

A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…

Q: 2. When two or more policies cover the same loss, the right of the one insurer to call upon the…

A: The following are some of the Principles of Insurance Principle of Contribution Principle…

Q: what is one example of a risk management strategy used by insurance companies to mitigate…

A: An underwriter's potential loss is known as underwriting risk. Underwriting risk in insurance can…

Q: Company

A: Insurance is defined as a financial arrangement between the insured & the insurance company…

Q: What are the remedies that a mortgagor and mortgagee may avail if either of them fail to do their…

A: Mortgage loan (Background)   :             In a mortgage loan, the mortgagor obtains the loan to…

Q: why is it important for insurance companies to manage underwriting risk?

A: in contract of insurance there is a guarantee by insurance that it will pay the damage or loss .…

Q: Discuss the potential for adverse selection when insureds exercise the renewability or…

A: In the insurance industry, adverse selection refers to situations in which an insurance company…

Q: Which of the following is NOT an example of non-deposit taking financial institution (NDFI)? i)…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: what underwriting risk. what are two risks faced by insurance companies?

A: The underwriting risk is the risk which is borne by the underwriter due to the inaccurate…

Q: What will making a prepayment for insurance have the effect of?

A: The insurance paid in advance means the expense has been paid but it is not due yet.

Q: The _______________ problem is when customers who are most likely to have a claim against an…

A: In a business, an adverse selection occurs where the knowledge distribution between the buyer and…

Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…

A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…

Q: Which of the following sections of a commercial general liability policy contains information about…

A: Insurance is the process through which an individual or corporation is provided financial coverage…

Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?

A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…

Q: How does the Insurance Commission assure the investing public on the safety of the Insurance…

A: Insurance Commission is an amount paid to the broker or agent of insurance products for selling the…

Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…

A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…

Q: Which of the following is correct about the effect of a deductible with respect to the price of an…

A: Insurance is an agreement or a contract between two parties. An insurance contract states that one…

Q: Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts…

A: Permanent life insurance is the insurance policy that covers the whole life whereas term life…

Q: Which of Ike following statements is CORRECT about he Missialement of Age provision in a health…

A: The misstatement of age clause is the provision under the life insurance policy that clears the…