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Certificate In Reinsurance Premium Access
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Question 1 of 30
1. Question
How would you define reinsurance as in general considering the variants given below?
Correct
Incorrect
Insurers transfer portions of their risk portfolios to other parties. The form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim.
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Question 2 of 30
2. Question
What are the aspects that define differently loss versus allocated loss adjustment expenses (ALAE), considering the options given?
Correct
Incorrect
The main aspects that define differently loss versus allocated loss adjustment expenses (ALAE) refers to the specific claims either allocated or not.
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Question 3 of 30
3. Question
What will prudent insurers do in any given situation considering the options you are given?
Correct
Incorrect
In general, the prudent insurers in any given situation will avoid over-exposure in general, at any risk.
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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
All the time prudent insurers will try to avoid over-exposure, in any given possible situation.
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Question 5 of 30
5. Question
In which circumstances and situations do the reinsurance helps insurers?
I. When they need to reduce capital requirements.
II. To improve solvency ratios.
III. In the situation needed to accelerate the realization of future profit streams.
IV. When they need to reduce new business strain (cash or reserve).Correct
Incorrect
The relationship between reinsurance and insurers is usually tight. They help reinsurance helps insurers when they need to reduce capital requirements or to improve solvency ratios.
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Question 6 of 30
6. Question
Which of the following types can be assumed to be part of the reinsurance entries?
I. Contingent commissions are receivable from or payable to the reinsured company.
II. Losses payable to the reinsured company on paid losses and on case reserves.
III. Security, or funds deposited with the reinsured company and letters of credited provided for the benefit of the reinsured company.
IV. Premiums assumed from the reinsured company, the unnamed portion of the assumed premiums, and assumed premiums that are still uncollected.Correct
Incorrect
Some of the parts of the reinsurance entries are referring to the contingent commissions that are receivable from or payable to the reinsured company; losses payable to the reinsured company on paid losses and on case reserves; security and funds and premiums assumed from the reinsured company.
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Question 7 of 30
7. Question
What does by definition the loss cycle say considering the options given as answers?
Correct
Incorrect
The definition of the loss cycle says that the initial estimate of incurred losses for the most recent exposure period, and changes in the estimate of incurred losses for prior periods.
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Question 8 of 30
8. Question
What do you understand when you think about the alternative market considering the variants given?
Correct
Incorrect
Alternative market refers to protections received through the insurance policy, as opposed to the traditional insurance.
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Question 9 of 30
9. Question
What does the reinsurance that facilitates withdrawal from a market segment takes care of?
Correct
Incorrect
The reinsurance that facilitates withdrawal from a market segment deals with the situation itself. It means that when a company doesn’t want to wait until the runoff of existing obligations and wants to get out of a market sooner, it refers to the reinsurance through withdrawal.
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Question 10 of 30
10. Question
Under what nonforfeiture option does the company pay the policy’s surrender value and have no further obligations to the policy owner?
Correct
Incorrect
The company that pays the policy’s surrender value and have no further obligations to the policy owner is called cash surrender.
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Question 11 of 30
11. Question
Which settlement options do you think that is available in life insurance policies?
I. Lump-sum cash.
II. Fixed period.
III. Fixed amount.
IV. Life income.Correct
Incorrect
The settlement options available in life insurance policies are called the lump-sum cash, fixed period, amount and life income.
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Question 12 of 30
12. Question
What type of the beneficiary is next in line after the main primary beneficiary?
Correct
Incorrect
The person that is also called the beneficiary that is next in line after the main primary beneficiary si called the contingent beneficiary.
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Question 13 of 30
13. Question
What is the main purpose of the settlement options in any life insurance policies settled?
Correct
Incorrect
The main purpose of the settlement options in any life insurance policies is to determine how the death benefit will be paid to the beneficiary.
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Question 14 of 30
14. Question
What are some of the most common exclusions in life insurance policies, considering the variants given?
I. Military service.
II. Hazardous occupation.
III. Aviation.
IV. War serviceCorrect
Incorrect
The most common exclusions in life insurance policies are the military service, hazardous occupation, aviation and war service.
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Question 15 of 30
15. Question
What does, in general, the term ‘double indemnity’ mean and which of the statements are correct related to this?
Correct
Incorrect
The term ‘double indemnity’ refers to the situation when an insurer will pay a benefit to twice the face amount.
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Question 16 of 30
16. Question
How is an insurance company that is created usually for the purpose of writing the parent cie’s own insurance?
Correct
Incorrect
An insurance company that is created usually for the purpose of writing the parent cie’s own insurance is called the captive insurance cie.
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Question 17 of 30
17. Question
Which of the following do you consider that is a true statement regarding the quota share?
Correct
Incorrect
When all risks covered by the treaty are split in a fixed proportion it refers to quota share.
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Question 18 of 30
18. Question
Which statement from below is the valid reinsurance definition given in 1982 by Picard and Besson?
Correct
Incorrect
The definition of reinsurance given in 1982 by Picard and Besson stats that a reinsurance contract is between two people, one is responsible to the policyholder and the other to reimburse according to certain conditions.
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Question 19 of 30
19. Question
Which of the below options given is the correct statement regarding reinsurance?
Correct
Incorrect
The correct sentence refers to the reinsurance treaties, which are not insurance contracts.
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Question 20 of 30
20. Question
Which of the below are considered to be national data consolidation problems?
I. Because of widely differing counting rules, figures cannot be readily compared and aggregated.
II. Group consolidation problems: a subsidiary cannot be accounted for both in its country of origin and in its parent company’s books.
III. Numerous groups have international reinsurance programs, an entity first accepting risks internally, then retroceding them.
IV. It may be difficult to avoid accounting for these operations twice when in fact there is only one risk transfer.Correct
Incorrect
Some of the problems that are true about national data consolidation refer to the counting rules, group consolidation problems and more.
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Question 21 of 30
21. Question
Which of the below countries do you think are historically important domiciles for reinsurance companies?
Correct
Incorrect
The countries that are historically important domiciles for reinsurance companies are Germany, the US and Switzerland.
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Question 22 of 30
22. Question
Which statement about the reinsurance method presented below is a true sentence?
Correct
Incorrect
When the object of the treaty is a given risk, and the analysis is forwarded to the potential reinsurers, it means it refers to the facultative reinsurance.
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Question 23 of 30
23. Question
Which of the below solutions are valid sentences about the reinsurance in general?
I. Obligatory reinsurance restores symmetry between the contracting parties.
II. The obligatory reinsurance is the most used form of reinsurance.
III. The reinsurer is obliged to accept all the cessions that are proposed to him under certain condition.
IV. The term “obligatory” is often dropped for treaties.Correct
Incorrect
The obligatory reinsurance restores symmetry between the contracting parties, plus the term “obligatory” is often dropped for treaties. The reinsurer is also obliged to accept all the cessions that are proposed to him under certain condition.
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Question 24 of 30
24. Question
Which is the payment procedure in general for the reinsurance process?
Correct
Incorrect
The payment procedure used in general for the reinsurance process doesn’t want to replicate the cash flows for the ceded part. The reason behind this is that generates tremendous management costs.
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Question 25 of 30
25. Question
How is the dispute resolutions like any commercial contract setting their procedures?
Correct
Incorrect
The dispute resolutions like any commercial contract state the classic procedures involved. Some of them might refer to the procedure for appointing
arbitrators for the arbitration phase, the jurisdiction if they need to be brought before the courts. -
Question 26 of 30
26. Question
Which of the below do you consider to be true statements about proportional reinsurance treaties?
I. Proportional reinsurance treaties are so named because they are constructed in order that Ceded Premiums/Gross Premiums = Ceded Claims/Gross Claims.
II. The ceded premium and claim rates are equal.
III. The insurance premium and claim rates are equal.
IV. The two kinds of proportional treaties are the quota-share treaty and the surplus treaty.Correct
Incorrect
The proportional reinsurance treaties include the quota-share treaty and the surplus treaty. Also, the ceded premium and claim rates are equal.
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Question 27 of 30
27. Question
Which sentences do you consider that could be correct about quota-share, in general?
I. This is the simplest reinsurance treaty.
II. The reinsurer cedes a percentage (1 − a) of his premiums as well as of his gross claims.
III. With a quota-share, the cedant and the reinsurer have exactly the same ratio S/P.
IV. An advantage of this treaty is the ease with which it can be implemented and handled.Correct
Incorrect
The quota-share is the simplest reinsurance treaty. Also when the reinsurer cedes a percentage of his premiums as well as of his gross claims with a quota-share, the cedant and the reinsurer have exactly the same ratio S/P.
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Question 28 of 30
28. Question
How does the reinsurance commission work and which is the correct sentence?
Correct
Incorrect
The commission fee paid is necessary in order to cover certain costs. Some of these costs refer to administrative cost, underwriting and business acquisition expenses.
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Question 29 of 30
29. Question
Which sentence from the below offered as a solution about the surplus treaty do you consider to be true?
Correct
Incorrect
When the insured value is defined without any ambiguity, surplus treaties apply to these categories. The cession rate is not known when the treaty is signed however this is calculated on a risk-by-risk basis once the business is underwritten.
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Question 30 of 30
30. Question
Which answer from below do you consider from your own perspective to be correct about the non-proportional reinsurance?
Correct
Incorrect
When the property of similarity between the rates of ceded premiums and ceded claims includes all the treaties, it refers to the non-proportional reinsurance.