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Question 1 of 30
1. Question
What can it be understood through the obligatory reinsurance, considering the below?
Correct
Incorrect
Through obligatory reinsurance, the reinsurer is obliged to accept all the cessions that are proposed to him under these conditions.
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Question 2 of 30
2. Question
Which party determines the inception of a cat event and which contract provision impact the decision?
Correct
Incorrect
The party that determines the inception of a cat event is the cedent.
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Question 3 of 30
3. Question
Which of the statements provided is considered the right definition for the excess of loss agreements?
Correct
Incorrect
Excess of loss reinsurance is a form of non-proportional reinsurance where the reinsurer indemnifies the ceding company for losses that exceed a specified limit.
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Question 4 of 30
4. Question
What does in general a reinsurance allowing an insurance company to do considering the options given?
I. Expand its capacity.
II. Stabilise its underwriting results.
III. Finance its expanding volume.
IV. Unfinanced underwriting results.Correct
Incorrect
Reinsurance allows an insurance company to expand its capacity and financing it and stabilise its underwriting.
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Question 5 of 30
5. Question
Which of the statement from the solutions offered about prudent insurers do you consider to be true?
Correct
Incorrect
Prudent insurers will always at any cost avoid extra exposure that is not necessary.
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Question 6 of 30
6. Question
Which is considered to be one of the disadvantages of facultative reinsurance?
Correct
One of the disadvantages of facultative reinsurance is that it doesn’t have immediate covers compared to other types of insurance.
Incorrect
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Question 7 of 30
7. Question
Which are the basic common known differences between the Retail Insurance versus the Reinsurance?
I. Only the reinsurance reimburses insurer for expenses.
II. Compared to the retail insurance, the reinsurance reimburses insurer for policyholder claims.
III. Only the reinsurance collects premiums from an insurer for providing protection.
IV. The reinsurance assumes risk from insurer only.
Correct
Incorrect
The main differences between the Retail Insurance and the Reinsurance refer to the reimburses expense, policy claims, protection and risks.
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Question 8 of 30
8. Question
What else can be used as an alternative to the traditional reinsurance in case this can not be used?
I. Finite risk reinsurance.
II. Capital market alternatives to traditional and non-traditional reinsurance.
III. Catastrophe bond.
IV. Catastrophe risk exchange.Correct
Incorrect
In case that the traditional reinsurance cannot be used, the most common alternative is a finite risk, catastrophe bond, risk and capital market.
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Question 9 of 30
9. Question
How could the agency reinsurance be defined from your point of view?
Correct
Incorrect
The agency reinsurance could be defined as the agent acting for the ceding insurer under its authority.
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Question 10 of 30
10. Question
Which variants given best suits to describe what the aggregate excess of loss reinsurance is?
Correct
Incorrect
Through this type of reinsurance, it can be understood the form of reinsurance that mentions participation by the reinsurer when aggregate excess losses for the primary insurer exceed a certain stated retention level.
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Question 11 of 30
11. Question
Which are some of the reasons someone should choose using reinsurance, in which situation?
I. Relatively easy to implement and fairly inexpensive.
II. Makes use of the reinsurer’s capital without compromising ownership of the company.
III. Provides flexible solutions.
IV. Tailored to a specific situation.Correct
Incorrect
The reinsurance is useful for someone who needs to protect itself from a situation, having flexible solutions.
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Question 12 of 30
12. Question
What can it be considered the definition or use of the acquisition costs seeing the below options?
Correct
Incorrect
Acquisition costs refer to the internal costs that appear in the insurance process settlement.
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Question 13 of 30
13. Question
Which of the below do you consider it to be a valid sentence about the agent commission?
Correct
Incorrect
Like in any insurance, in the primary one, the agent gets a to be paid some money, commission for insurance placement services.
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Question 14 of 30
14. Question
Which of the below describes the best prospective approach in the circumstances of basic insurance accounting?
Correct
Incorrect
The prospective approach in the circumstances of basic insurance accounting the deposit value will change with the amortization of interest.
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Question 15 of 30
15. Question
How could the reinsurance contracts be defined considering the variants offered?
Correct
Incorrect
The contracts start to be valid only when the payment was done to the policyholder.
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Question 16 of 30
16. Question
What type of documentation from the ones presented below does usually grants express authority to any agent?
I. Agent’s insurance license.
II. Fiduciary contract.
III. The principal grants authority through the agent’s contract.
IV. Agent’s contract with the principal.Correct
Incorrect
The types of documentation that grants express authority to any agent are the agent contracts with the principal.
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Question 17 of 30
17. Question
Which of the below best describes the idea of indemnification considering the options given?
Correct
Incorrect
It is also called an obligation from one person to another in order to pay for loss occurred.
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Question 18 of 30
18. Question
What happens to the proceeds of a life insurance policy if there is no named beneficiary?
Correct
Incorrect
In case there is no named beneficiary, the proceeds of a life insurance policy are paid to the insured estate.
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Question 19 of 30
19. Question
Who has the right to the cash value of a life insurance policy considering the option given?
Correct
Incorrect
The person that has access and right to the cash value of a life insurance policy is the policy owner only.
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Question 20 of 30
20. Question
What is the disadvantage of selecting the life income settlement option?
Correct
Incorrect
As any contract is written, the life income settlement has the disadvantages that the balance of the principle will be forfeited in case the beneficiary dies shortly.
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Question 21 of 30
21. Question
Which of the below can be considered from your point of view a true sentence about reinsurance?
Correct
Incorrect
The main reason reinsurance is chosen is that it helps minimize the risks.
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Question 22 of 30
22. Question
Which of the below do you consider it to be a true sentence when you think about cession?
Correct
Incorrect
Cession refers to the transfer of insurance risks to the reinsurer, always.
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Question 23 of 30
23. Question
Which of the below do you consider it to be a true sentence when you think about retrocession?
Correct
Incorrect
Retrocession is a process of transferring the reinsurance risk to someone else.
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Question 24 of 30
24. Question
Why is it dangerous to continuously retrocede a risk considering the below variants?
Correct
Incorrect
It might be dangerous to retrocede a risk for the simple fact that the reinsurer knowns less about the risk each time it is reinsured.
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Question 25 of 30
25. Question
Which are some of the facultative reinsurance treaty qualifications true for policies that don’t qualify for automatic reinsurance?
I. Reinsurer reviews risk and states conditions.
II. Underwriting classification.
III. Amount of risk that ceding company must retain.
IV. Amount of risk that reinsurer will accept.Correct
Incorrect
The facultative reinsurance treaty qualifications for policies that don’t qualify for automatic reinsurance refer to the reviews of the risks and state conditions, underwriting classification and the amount of risk ceding company, on one hand, be retained and on the other accepted.
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Question 26 of 30
26. Question
Which of the below statements is considered to be correct regarding the reinsurance administration?
Correct
Incorrect
For the reinsurance administration, the data needed is from multiple sources, products, lines of business, and systems.
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Question 27 of 30
27. Question
When preparing treaty reinsurance which are the points that are needed to be considered?
I. Reviewing the accounting, actuarial, administrative, and legal parts are essential.
II. Negotiation and letters of intent should be part of the document.
III. Side letters, notes and understandings need to be included.
IV. Wording should be clear and unambiguous.Correct
Incorrect
There are multiple points that are important in the treaty reinsurance process. Some of them are wording, negotiating, reviewing the accounting, actuarial, administrative, and legal parts are also essential aspects needed to be considered.
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Question 28 of 30
28. Question
What is the role of the Appointed Actuary’s (AA) role in regard to reinsurance?
I. Statement of actuarial opinion – considerations of reinsurer’s and ceding company’s AA are different, but parallel.
II. Reinsurer must maintain enough data.
III. Quality data is the responsibility of both reinsurer and ceding company.
IV. Appointed Actuary is responsible for an accurate statement of liabilities.Correct
Incorrect
There are numerous roles of the AA in regard to reinsurance. Some of them are the quality data that is main responsibility of both reinsurer and ceding company. the reinsurer has to maintain the data.
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Question 29 of 30
29. Question
What do you understand through all-risk insurance taken into account the options given to you?
Correct
Incorrect
All-risk insurance covers all perils which are specifically named in the policy.
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Question 30 of 30
30. Question
Which of the below do you consider it to be true form your own perspective about the alternative market?
Correct
Incorrect
In an alternative market, as opposed to the traditional insurance company, the risks retention and transfer mechanism are different.