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Certificate In Reinsurance Premium Access
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Question 1 of 30
Which of the below is considered to be a true statement about facultative-obligatory reinsurance?Correct
Taken the official definition of the facultative-obligatory reinsurance, it has as main purpose the risk cover of a category or a sub-category during a given period.
Question 2 of 30
What are some of the elements used to calculate a reinsurance premium under the per occurrence catastrophe contract?
I. Limit being uninstalled.
II. limit being reinstated.
III. Time element.
IV. Annual premium.Correct
The main elements that are part in calculating the reinsurance premium under the per occurrence catastrophe contract are the limit being reinstalled, time and the annual premium.
Question 3 of 30
Which of the statement from the solutions offered about prudent insurers do you consider to be true?Correct
The prudent insurers always try to avoid, in any situation that they have to face it with, over-exposure on any risk.
Question 4 of 30
Which of the below is a true statement about reinsurance considering the variants you are given?
I. Reinsurance helps insurers address lack of experience available to price risks.
II. Reinsurance helps insurers refine underwriting skills.
III. Reinsurance helps insurers develop new product ideas.
IV. Reinsurance helps insurers underwrite risks beyond their own capacity/willingness to retain such risks.Correct
Reinsurance helps insurers address lack of experience, refine underwriting skills, develop new ideas and deal with risks.
Question 5 of 30
Given the answering options below, which do you consider to be true regarding the non-proportional life reinsurance structures?
I. Part of the structures is the risks that are not ceded individually by the policy.
II. Non-proportional life reinsurance structures include catastrophe coverage.
III. The non-proportional life reinsurance structures cover stop loss.
IV. The non-proportional life reinsurance structures don’t cover stop loss.Correct
The non-proportional life reinsurance structures include the risks that are not ceded individually by the policy, catastrophe coverage and structures cover stop loss.
Question 6 of 30
What does providing underwriting guidance reinsurance does compared to the other types?Correct
Compared to the other types o reinsurance, the underwriting deals with the situation where management wants to enter a new market.
Question 7 of 30
Which of the below do you consider it to be a true statement regarding a reinsurance program?Correct
The reinsurance program is a combination of multiple types of reinsurance with the scope of getting the best protection and the best payment possible.
Question 8 of 30
Which of the below is a true sentence regarding the definition of the treaty reinsurance?Correct
Shortly, treaty reinsurance refers to insurance bought from another insure person.
Question 9 of 30
What does a reinsurer consider when he is presented with a risk?
I. Wants to know about the cedant’s business type and how this performs.
II. How is the business run by the owner.
III. If they have proper systems for collecting data about the risks.
IV. If the system is proper so they can write to provide, as the reinsurer, with proper data.Correct
Each time a reinsurer is presented with a risk, he wants to know how the business performs, if he is going to invest in it, how does the owner-run this particular business. And finally how the system of collecting data is working towards risks.
Question 10 of 30
What does the clause from the full reinsurance stipulate in any general type of contract?Correct
The clause regarding the full reinsurance mentions in the contract refers to the insurance loss being written with no gaps.
Question 11 of 30
What does the claims control clause include considering the options you are given?Correct
The claims control clause include control regarding the claims. Particularly about how these are paid and handled.
Question 12 of 30
What do losses occurring basis means considering the variants offered below?Correct
Usually, the losses occurring refers to the reinsurance treaty period, with a focus on the risk attached to it.
Question 13 of 30
Which are some of the reasons reinsurance is needed, in general in which situations?
I. Increase some assets.
II. Increase in UW capacity.
III. Decrease some expenses.
IV. Improve portfolio of insureds.Correct
Reinsurance is needed for various reasons depending on the case and the person that requires it. However, the most common situations when it comes in need is when someone increases its ownership of UW capacity, the business portfolio is getting bigger, but also to decrease some of the cost he faces.
Question 14 of 30
How does in general reinsurance improve someone’s portfolio of insureds considering the statements?
I. Divide risk into smaller parts.
II. Protection from pyramiding.
III. Global scale.
IV. Experience of the reinsurer.Correct
Most of the time reinsurance helps an individual improve its portfolio in all of the cases and situations presented here: divide risk into small parts, protect from pyramiding, global scale and personal experience of the reinsurer.
Question 15 of 30
What can be some of the things that can only be transferred by reinsurance given the options?
I. Parts of a single risk.
II. Parts of risks of certain types.
III. Parts of total risk balancing risk.
IV. Parts of partial risk involved.Correct
The things that can only be transferred by reinsurance are a single risk, risk regarding certain types and parts of the total risk balancing risk.
Question 16 of 30
Which are some of the main differences between the coinsurance and reinsurance considering the variants?
I. All coinsurers are contracting partners of the policyholder while the reinsurer is contracting partner only of the insurer.
II. All coinsurers and their quotas are indicated in the contract while the policyholder does not know whether the risk they had was insured.
III. The policyholder has a claim against each co-insurer in case of damage while the policyholder has no claim against the reinsurer.
IV. The policyholder has one claim only against each co-insurer in case of loss while the policyholder has multiple claims against the reinsurer.Correct
The main differences between the coinsurance and reinsurance are that the coinsurers and their quota is mentioned in the contract, they are also the contracting partners of the policyholder and the claim against each co-insurer had no actual claim against the reinsurer.
Question 17 of 30
Which sentence do you consider to be true when you think about the facultative reinsurance?Correct
In the facultative reinsurance, the reinsurer can decide if he accepts the risk or not.
Question 18 of 30
How would the semi-obligatory reinsurance be defined considering the below options given?Correct
The semi-obligatory reinsurance could include the clause that the reinsurer assumes to the risks.
Question 19 of 30
Which of the below are considered dividend options in life insurance policies?
I. Reduced premium.
II. Accumulation of interest.
III. Paid-up option.
IV. One-year endowment.Correct
The dividend options that are included in life insurance policies are the reduced premium, paid-up option, one-year endowment and accumulation of interest.
Question 20 of 30
What happens to a policy’s cash value under an extended-term nonforfeiture option?Correct
In case of the policy’s cash value under an extended-term nonforfeiture, the cash value is converted to the same face amount as in the whole life policy.
Question 21 of 30
Who controls changes in the premium payments, face values, and loans in a life insurance policy?Correct
The person that controls changes in the premium payments face values, and loans in a life insurance policy is called the policy owner.
Question 22 of 30
What type of beneficiary can usually be changed at any point by the policy owner?Correct
The type of beneficiary that can usually be changed at any point by the policy owner is revocable.
Question 23 of 30
What is the advantage of reinstating a life insurance policy as opposed to applying for a new one?Correct
The main advantage of reinstating a life insurance policy is that it can be set according to the insured’s original age.
Question 24 of 30
What tasks can an M.A. help with in regards to fees for services rendered?
I. Ensure that patient information is current & up to date.
II. Explain to patients office policy pertaining to a fee for services.
III. Send an explanation of patient bill letters.
IV. Follow up on insurance claims, collect co-pays at the time of services.Correct
An M.A. can help with the fees for services such as ensure and explain that patient information is current & up to date, follow up on insurance claims, collect co-pays at the time of services.
Question 25 of 30
What is the appropriate procedure for patients that file bankruptcy?Correct
The most appropriated procedure for patients that want to file bankruptcy is a no-asset situation, in which the debt is always paid.
Question 26 of 30
Which of the below is a true sentence about capitation, considering the options?Correct
The capitation refers to the money needed to be paid in order to cover for services.
Question 27 of 30
What dividend option can increase the death benefit of the existing life policy?Correct
The dividend option that can increase the death benefit of the existing life policy is the paid-up additions.
Question 28 of 30
How would you define what consideration is when this is on the part of the insurer considering the options given?Correct
We can translate consideration as a promise did on the part of the insurer, for example, to pay the policy benefits.
Question 29 of 30
What is the Appointed Actuary’s (AA) role in regard to reinsurance considering the statements?
I. Considerations of reinsurer’s and ceding company’s AA are different, but parallel.
II. Quality data is the responsibility of both reinsurer and ceding company.
III. A may not receive enough data or may not be sure about the recoverability of benefits.
IV. AA is responsible for an accurate statement of liabilities.Correct
Appointed Actuary’s (AA) role is diverse and doesn’t include only one aspect. However, the most known ones and important are the ones mentioned as an answer to this question.
Question 30 of 30
What is the trading of reinsurance treaties between insurers referred to considering the below?Correct
The trading of reinsurance treaties between insurers referred to reciprocal exchange.