Quiz-summary
0 of 30 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
Information
Certificate In Reinsurance Premium Access
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 30 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- Answered
- Review
-
Question 1 of 30
1. Question
Which of the options given are true regarding the remarks related to the reinsurance definition?
Correct
Incorrect
We can define reinsurance as a contract between the reinsurer and an insurer. The insurer bears all or part of the risks assumed in the contract and agrees to reimburse according to specified conditions.
-
Question 2 of 30
2. Question
Why a company would elect to do a multiple line cover as opposed to separate property and casualty excess treaties?
Correct
Incorrect
A company would choose to use a multiple line cover because is more effective and efficient and easier to administer.
-
Question 3 of 30
3. Question
Which of the following given options from below do you consider to be a true/valid insurance type?
I. Liability Insurance.
II. Guarantee Insurance.
III. Social Insurance.
IV. Personal Insurance.Correct
Incorrect
All of the above are well-known types of insurances used in daily life.
-
Question 4 of 30
4. Question
Which of the statement from the solutions offered about prudent insurers do you consider to be true?
Correct
Incorrect
Prudent insurers are that kind of people that will avoid to expose themself in any situation given.
-
Question 5 of 30
5. Question
Which of the below about the surplus reinsurance is similar to quota share reinsurance?
Correct
Incorrect
The claim of the surplus reinsurance that is most similar to quota share reinsurance is the claim being proportionate.
-
Question 6 of 30
6. Question
Which is considered to be one of the disadvantages of facultative reinsurance?
Correct
Incorrect
One of the disadvantages of facultative reinsurance is that it doesn’t have an immediate cover.
-
Question 7 of 30
7. Question
How could the catastrophe reinsurance be defined if we look at the options given here?
Correct
Incorrect
Catastrophe reinsurance as any type of insurance should reduce its exposure to financial risks in case an event would happen.
-
Question 8 of 30
8. Question
Which are the factors affecting retention selection in most of the cases?
I. The maximum amount the primary insurer can retain.
II. The maximum amount the primary insurer wants to retain.
III. Minimum retention sought by the reinsurer.
IV. Co-participation provision.Correct
Incorrect
The factors affecting retention in most of the cases are both the maximum and the minimum primary, an insurer can retain, minimum retention sought by the reinsurer and the co-participation provision.
-
Question 9 of 30
9. Question
What could be some of the reasons or causes that insurance has some regulation imposed?
I. To protect consumers.
II. To maintain insurer solvency.
III. To prevent destructive competition.
IV. To maintain customers accounts.Correct
Incorrect
The regulations are imposed in order to protect the consumers, maintain the insolvency and prevent destructive competition.
-
Question 10 of 30
10. Question
What are some of the acquisition costs for any type of reinsurance, in any situation?
Correct
Incorrect
The acquisition costs refer to internal costs and investment expenses.
-
Question 11 of 30
11. Question
Which are the most often and known primary proportional reinsurance plans usually used?
I. Yearly Renewable Term (YRT).
II. Coinsurance.
III. Modified Coinsurance (ModCo).
IV. Reinverted insurance.Correct
Incorrect
The primary proportional reinsurance plans used most often are the YRT, coinsurance and the ModCo.
-
Question 12 of 30
12. Question
Which are the situations the coinsurance premium and allocation calculation are used?
I. Applicable to any insurance.
II. Most often used for the term.
III. Can be used for CV product.
IV. Temporary flat extras and ancillary benefits.Correct
Incorrect
Both the coinsurance premium and allocation calculation are used in various situations, applicable to any insurance, used for the term, for CV products or temporary flat extras and ancillary benefits.
-
Question 13 of 30
13. Question
What does the assumption reinsurance model act require notification from policyholders, agents, and brokers?
I. Date of transfer and novation.
II. Name, address, and phone number of assuming and transferring insurer.
III. Policyholder’s right to consent to transfer and novation.
IV. Procedures and time limit for consenting or rejecting.Correct
Incorrect
The assumption reinsurance model act requires a variety of data such as transfer, name, address, phone, the contest to transfer and innovation, etc.
-
Question 14 of 30
14. Question
Which of the below are true regarding the life insurer capital requirements?
I. The capital requirements of an insurer can be managed through debt.
II. The capital requirements of an insurer can be managed through reinsurance.
III. The capital requirements of an insurer can be managed through equity.
IV. The capital requirements of an insurer can be managed through any combination of these.Correct
Incorrect
All of the variants presented are true about capital requirements. These can be managed through debt, equity, reinsurance of any combination of these presented.
-
Question 15 of 30
15. Question
What can it be understood through the life reinsurance regulatory environment?
Correct
Incorrect
The life reinsurance regulatory environment regulatory bodies effectively though indirectly regulate reinsurers.
-
Question 16 of 30
16. Question
Which of the statements are true about the role of regulators in reinsurance?
Correct
Incorrect
The role of regulators in reinsurance is to set the rules by which all companies must abide.
-
Question 17 of 30
17. Question
Which from the statements provided is true about the retrospective approach in the basic accounting insurance context?
Correct
Incorrect
The retrospective approach in the basic accounting insurance is that the deposit is a function of the initial deposit.
-
Question 18 of 30
18. Question
Which of the below is a true statement about the reinsurance contracts in any situation?
Correct
Incorrect
What is different regarding the reinsurance contract compared to any other is that only when the insurance company has made a payment to the original policyholder it becomes effective.
-
Question 19 of 30
19. Question
How does in general reinsurance policy work considering the statements offered?
I. Reinsurer agrees to indemnify the insurance company and has no obligations against a customer’s claim against the ceding company.
II. The clientele of reinsurance firms is almost entirely made up of primary insurers from all classes of insurance.
III. A claim affects the reinsurance agreement.
IV. The reinsurer’s claim department consider day-to-day claims to be the responsibility of the primary insurer only.Correct
Incorrect
All of the above is correct and part of any reinsurance policy in general.
-
Question 20 of 30
20. Question
Knowing that the insurance is a contract by which one seeks to protect, which of the below is the correct answer?
I. Exposure and hazards.
II. Uncertainty.
III. Dropping.
IV. Loss.Correct
Incorrect
The correct answers and loss and dropping, which seeks to protect in any insurance contract.
-
Question 21 of 30
21. Question
When does the offer is usually made in insurance considering the options given?
I. An applicant submits an application to the insurer.
II. The insurer approves the application and receives the initial premium.
III. The agent hands the policy to the policyholder.
IV. An agent explains the policy to a potential applicant.Correct
Incorrect
The offer that is made usually in insurance refers to an applicant that submits an application to the insurer.
-
Question 22 of 30
22. Question
Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting?
I. Reciprocal.
II. Stocking
III. Stock.
IV. Mutual.Correct
Incorrect
The insurers also called stock sometimes get rights of ownership, same as the stockholders.
-
Question 23 of 30
23. Question
Which of the below best describes the idea of indemnification considering the options given?
Correct
Incorrect
The idea of indemnification is the concept of restoring individuals to the same financial position they were at before a loss occurred.
-
Question 24 of 30
24. Question
What life insurance policy provision states that both the policy and a copy of the application form the contract between the policy owner and the insured?
Correct
Incorrect
The life insurance policy provision states that both the policy and a copy of the application form the entire contract between the policy owner and the insured.
-
Question 25 of 30
25. Question
What happens to a policy’s cash value under an extended-term nonforfeiture option?
Correct
Incorrect
In case of the policy’s cash value under an extended-term nonforfeiture option the cash value is converted to the same face amount as in the whole life policy.
-
Question 26 of 30
26. Question
Who controls changes in the premium payments, face values, and loans in a life insurance policy?
Correct
Incorrect
Changes in the premium payments, face values, and loans in a life insurance policy are controlled by the policy owner.
-
Question 27 of 30
27. Question
What provision in a life insurance policy extends coverage beyond the premium due date?
Correct
Incorrect
The provision that in a life insurance policy extends coverage beyond the premium due date is the grace period.
-
Question 28 of 30
28. Question
What type of beneficiary can be changed at any other point by the policy owner if the want that?
Correct
Incorrect
The type of beneficiary that can be changed at any other point by the policy owner is revocable.
-
Question 29 of 30
29. Question
What is the advantage of reinstating a life insurance policy as opposed to applying for a new one?
Correct
Incorrect
The advantage of reinstating a life insurance policy as opposed to applying for a new one will be set according to the insured’s original age.
-
Question 30 of 30
30. Question
What life insurance policy provision prevents an insurer from disputing a claim due to misstatements on the application after a certain period of time?
Correct
Incorrect
The life insurance policy provision prevents an insurer from disputing a claim due to misstatements on the application after a certain period of time is incontestability.