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Question 1 of 30
1. Question
In the situation of a multivariate heavy storm CAT Bond, which of the following clauses should be used in particular?
Correct
In the case of CAT Bonds, the definitions describing an event are different and more precise, because investors tend to be familiar with the concept of an event and rely on the form of CAT Bond. Of eg, mostly in the situation of the CAT Bond parametric windstorm, the cluster clause is commonly used.
Incorrect
In the case of CAT Bonds, the definitions describing an event are different and more precise, because investors tend to be familiar with the concept of an event and rely on the form of CAT Bond. Of eg, mostly in the situation of the CAT Bond parametric windstorm, the cluster clause is commonly used.
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Question 2 of 30
2. Question
In view of the fact that, in the case of the parametric windstorm CAT Contract, the cluster clause is commonly used, which of the following statements are correctly specified in the light of the above-mentioned clause?
I. A station is activated if it leads to a maximum wind speed greater than the threshold.
II. A border shall be drawn across such caused stations for a group of at least 12 stations.
III. The concept of a triggering incident is centered on the peak wind speed recorded at the European Qualified Stations, the details received by the reinsurance agencies.
IV. The cluster must be contiguously linked for at least 3 hours.Correct
The concept of a triggering incident is based on the average wind speed recorded at the European Qualified Stations, the data received by the meteorological agencies. The station is activated if it leads to a maximum wind speed higher than the threshold. For a group of at least four stations, a border is drawn around these activated stations. 3 The cluster must be sequentially related for a minimum of 3 hours.
Incorrect
The concept of a triggering incident is based on the average wind speed recorded at the European Qualified Stations, the data received by the meteorological agencies. The station is activated if it leads to a maximum wind speed higher than the threshold. For a group of at least four stations, a border is drawn around these activated stations. 3 The cluster must be sequentially related for a minimum of 3 hours.
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Question 3 of 30
3. Question
The per-event programs have a two-risk assurance clause, which states that the system operates only if the case requires at least:
Correct
There are also provisions enforcing the distinction between the risk plans and the incident plans: the two-risk protection clause on each incident program states that the program operates only if the event includes at least two threats.
Incorrect
There are also provisions enforcing the distinction between the risk plans and the incident plans: the two-risk protection clause on each incident program states that the program operates only if the event includes at least two threats.
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Question 4 of 30
4. Question
Which of the following have an incident limit that prevents the operation of the system when a lot of threats are caused because of the same occurrence?
I. Per risk programs with a minimal number of proportional programs
II. Per risk programs with a minimal number of reinstatements
III. Per event programs without two-risk warranty clause
IV. Per event programsCorrect
Risk systems with a total number of re-establishments (and reciprocal plans) have a cap per case: stop the operation of the system unless a lot of threats are caused due to the same incident.
Incorrect
Risk systems with a total number of re-establishments (and reciprocal plans) have a cap per case: stop the operation of the system unless a lot of threats are caused due to the same incident.
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Question 5 of 30
5. Question
With respect to the ACOD / B rule, an insurer that has already been re-insured with a period of 10M. Assume the insurer has an albest premium of 15 M equivalent to an investment equal to three years. Then the deficit is equal to:
I. 25M for each of the three years
II. 10M for one of the last three years
III. 5M for one of the last three years
IV. 5M for each of the three yearsCorrect
The ACOD / B clause specifies an exposure-based reassurance mechanism for policies. Consider, for example, an insurer that has already been re-insured with a payout equal to 10M. Suppose the insurer has an albestos premium of 15 M equivalent to a period equal to three years. The reduction is then equal to 5 M for each of the three years and is thus below maintenance.
Incorrect
The ACOD / B clause specifies an exposure-based reassurance mechanism for policies. Consider, for example, an insurer that has already been re-insured with a payout equal to 10M. Suppose the insurer has an albestos premium of 15 M equivalent to a period equal to three years. The reduction is then equal to 5 M for each of the three years and is thus below maintenance.
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Question 6 of 30
6. Question
Which of the following accident circle occupational disease (ACOD) provision clearly states that each case is a particular event?
Correct
There are 3 distinct ACOD provisions. The ACOD / A clearly states that each circumstance is a single occurrence. The ACOD / C provision extends to nations such as Australia. The ACOD / B clause specifies an exposure-based reassurance mechanism for policy.
Incorrect
There are 3 distinct ACOD provisions. The ACOD / A clearly states that each circumstance is a single occurrence. The ACOD / C provision extends to nations such as Australia. The ACOD / B clause specifies an exposure-based reassurance mechanism for policy.
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Question 7 of 30
7. Question
Risk is described as a research protocol, especially when more than one person has the same study design in:
Correct
In the situation of biomedical research, the risk is identified as a study technique, particularly though more than one patient has the same research protocol.
Incorrect
In the situation of biomedical research, the risk is identified as a study technique, particularly though more than one patient has the same research protocol.
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Question 8 of 30
8. Question
The attachment clauses describe and specify:
I. A provider that has already been re-assured of a payout equivalent to 10M.
II. Reinsurance framework for exposure-based regulation.
III. Key insurance schemes that come under the framework of the Treaties.
IV. The duration and the limit that shall be split between the weeks of working.Correct
The attachment provisions define what scheme of the primary insurer is protected by the Treaty. The two specific bases of the reassurance treaty incorporation are the basis for danger connection and the basis for withdrawal.
Incorrect
The attachment provisions define what scheme of the primary insurer is protected by the Treaty. The two specific bases of the reassurance treaty incorporation are the basis for danger connection and the basis for withdrawal.
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Question 9 of 30
9. Question
Under which type of annexation clause does the Treaty apply only to losses incurred during the risk period?
Correct
Risk attachment basis: the Convention refers to plans released or extended by the insured within the reporting period. Loss occurring basis: the Treaty only includes risks suffered during the danger period.
Incorrect
Risk attachment basis: the Convention refers to plans released or extended by the insured within the reporting period. Loss occurring basis: the Treaty only includes risks suffered during the danger period.
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Question 10 of 30
10. Question
Imagine a guideline released in 2008 and influenced by a setback that happened in 2009. In the case of which of the following forms of annexation provisions, will the 2008 system be affected?
Correct
Find a guideline released in 2008 and influenced by a setback that happened in 2009. In the case of a risk-attachment system, the 2008 plan would have an effect. On the opposite, it would be the 2009 system in the event of a failure that happens on the grounds of the error.
Incorrect
Find a guideline released in 2008 and influenced by a setback that happened in 2009. In the case of a risk-attachment system, the 2008 plan would have an effect. On the opposite, it would be the 2009 system in the event of a failure that happens on the grounds of the error.
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Question 11 of 30
11. Question
Windstorms in 2009 will cause both policies imposed in 2008 and policies issued in 2009. Thus, although the overall damages attributed to the windstorm may be higher than the 2009 recovery, the company would not have compensated because the claims are distributed between 2008 and 2009. Such a problem is overcome by:
I. An intralocking clause
II. The attachment clause
III. An interlocking clause
IV. The detachment clauseCorrect
Interlocking clause: when a loss case includes more than one insurer or scheme and more than one reinsurance coverage duration, the cap and retention as to the claims or claims protected by this Agreement shall be the proportion of the cap and preservation of this Coverage that the value of the claims or claims protected shall be equal to the sum of all claimants in the loss event.
Incorrect
Interlocking clause: when a loss case includes more than one insurer or scheme and more than one reinsurance coverage duration, the cap and retention as to the claims or claims protected by this Agreement shall be the proportion of the cap and preservation of this Coverage that the value of the claims or claims protected shall be equal to the sum of all claimants in the loss event.
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Question 12 of 30
12. Question
The loss occurring basis is perhaps the most popularly used, except in:
I. Marine lines of business
II. Fields of engineering
III. Windstorm
IV. EarthquakeCorrect
Take, for example, the regulation released in 2008 and influenced by the defeat in 2009. In the case of a failure that happens, the 2009 system will be in operation. The failure that exists is most widely used, except for manufacturing or maritime business lines.
Incorrect
Take, for example, the regulation released in 2008 and influenced by the defeat in 2009. In the case of a failure that happens, the 2009 system will be in operation. The failure that exists is most widely used, except for manufacturing or maritime business lines.
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Question 13 of 30
13. Question
When a loss-in-reinsurance policy is not extended, the damages suffered after the expiration date relating to the programs in effect will not be compensated. In this case, there is usually a clause to recoup the deficit known as:
Correct
In this case, there is usually a run-off clause to offset certain damages. On the opposite, in the case of a new risk-attachment agreement, there is a delay in the scope of risks relating to measures adopted before the effective date of the treaty.
Incorrect
In this case, there is usually a run-off clause to offset certain damages. On the opposite, in the case of a new risk-attachment agreement, there is a delay in the scope of risks relating to measures adopted before the effective date of the treaty.
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Question 14 of 30
14. Question
Consider only the launch date of the program (based on risk attachment) and the termination date (based on termination) considered. That is satisfactory in the case of:
Correct
It is valid in the case of short-tail divisions like land where the date of the claim not too far from the date of the failure. However, in the case of divisions of obligation, this is not the case.
Incorrect
It is valid in the case of short-tail divisions like land where the date of the claim not too far from the date of the failure. However, in the case of divisions of obligation, this is not the case.
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Question 15 of 30
15. Question
Imagine the following instance: the case of a program introduced in 2007, caused in 2008, the failure of which was announced in 2009. Choose the correct statements set out below.
I. In the case of a loss happening, the 2009 reinsurers must pay.
II. In the case of a loss happening, the 2008 reinsurers must pay.
III. The 2009 underwriters must pay on the basis of the allegations received.
IV. The 2007 reinsurers must pay on the risk-attachment basis.Correct
In the case of a loss happening, the 2008 reinsurers must pay for it. The 2007 reinsurers must pay on a risk-attachment basis. The 2009 re-insurers must pay on the basis of the allegations received. Based on the nature of the connection, the loss does not trigger the same reinsurance scheme.
Incorrect
In the case of a loss happening, the 2008 reinsurers must pay for it. The 2007 reinsurers must pay on a risk-attachment basis. The 2009 re-insurers must pay on the basis of the allegations received. Based on the nature of the connection, the loss does not trigger the same reinsurance scheme.
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Question 16 of 30
16. Question
According to Reinsurance Treaty Attachment Base, which one only includes new measures released on or after the notice period of the Reinsurance Treaty?
Correct
Policies imposed on a schedule shall refer only to new policies imposed on or after the effective date of the reinsurance treaties. Reinsurers may continue to use this rationale as major adjustments are made to the insurer’s underwriting rules.
Incorrect
Policies imposed on a schedule shall refer only to new policies imposed on or after the effective date of the reinsurance treaties. Reinsurers may continue to use this rationale as major adjustments are made to the insurer’s underwriting rules.
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Question 17 of 30
17. Question
Several of the following points illustrate the essence of the in-force policy framework. Use the appropriately stated claims.
I. It just applies to the unwarranted cost in in-force regulations.
II. It is small in reach and thus not commonly used.
III. The insurer can use it to run off expired policies.
IV. Reinsurers may continue to use this justification unless there are major improvements to the insurer’s underwriting rules.Correct
The legislative rationale for in-force refers only to the unwarranted cost in in-force measures. The insurer may use it to run off expired policies (i.e. where no new regulations are being sold).
Incorrect
The legislative rationale for in-force refers only to the unwarranted cost in in-force measures. The insurer may use it to run off expired policies (i.e. where no new regulations are being sold).
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Question 18 of 30
18. Question
Which of the following is like one of those three dates based on the form of connection to the regulation issued?
Correct
The loss-occurrence date for the insured is one of those three dates depending on the form of addition of the policy given. The policy issued on the basis of disclosure shall cover all claims of a loss incurred within the policy year, while the policy issued on the basis of losses shall cover all losses reported within the policy year, irrespective of the loss event period.
Incorrect
The loss-occurrence date for the insured is one of those three dates depending on the form of addition of the policy given. The policy issued on the basis of disclosure shall cover all claims of a loss incurred within the policy year, while the policy issued on the basis of losses shall cover all losses reported within the policy year, irrespective of the loss event period.
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Question 19 of 30
19. Question
Legal responsibility shall be defined in Australia as being valid on the date of:
Correct
There are some problems related to disclosure policies. In addition, it is not possible to determine a particular date for loss incidence. Then the argument is broken Among specific exposure years. In some jurisdictions, insurance providers are allowed by state law to resolve lawsuits on a non-exposure basis. Throughout Australia, civil responsibility shall be defined as being valid on the day of medical diagnosis.
Incorrect
There are some problems related to disclosure policies. In addition, it is not possible to determine a particular date for loss incidence. Then the argument is broken Among specific exposure years. In some jurisdictions, insurance providers are allowed by state law to resolve lawsuits on a non-exposure basis. Throughout Australia, civil responsibility shall be defined as being valid on the day of medical diagnosis.
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Question 20 of 30
20. Question
The provision defining the currency in which any purchase needs to be made is referred to as:
I. Dollars clause
II. Currency clause
III. Interlocking clause
IV. Inception clauseCorrect
In the event that a transferor has a company in various countries and varying currencies, there are unique provisions. First, the currency clause specifies the currency in which any reimbursement must be made. We use the current value rule on the date of remittance for translation.
Incorrect
In the event that a transferor has a company in various countries and varying currencies, there are unique provisions. First, the currency clause specifies the currency in which any reimbursement must be made. We use the current value rule on the date of remittance for translation.
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Question 21 of 30
21. Question
The holding of the reassuring person and the amount of responsibility of the reassuring person shall be translated into the currency involved at the rate of the exchange decision on the:
Correct
The maintenance of the reinsured and the reduction of the liabilities of the reinsurer shall be translated into the currency involved at the exchange rate at the inception date.
Incorrect
The maintenance of the reinsured and the reduction of the liabilities of the reinsurer shall be translated into the currency involved at the exchange rate at the inception date.
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Question 22 of 30
22. Question
The amount in the loss settlement in excess of the maintenance by the supporting party shall be transferred from the currency in which the debt has been resolved to the payment currency at the exchange rate on:
Correct
The amount of the loss settlement in excess of the maintenance by the reassuring party shall be transferred from the currency of which the loss was paid to the currency at the rate of exchange on the day on which the loss was resolved by the reassuring party.
Incorrect
The amount of the loss settlement in excess of the maintenance by the reassuring party shall be transferred from the currency of which the loss was paid to the currency at the rate of exchange on the day on which the loss was resolved by the reassuring party.
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Question 23 of 30
23. Question
Inflation is a risk that involves concern to:
I. Securitizer
II. Insurer
III. Reinsurer
IV. LandlordCorrect
Inflation is a concern both to the reinsurer and to the insurer. Indeed, if the deductible is not adjusted, inflationary rises will fall entirely on the reinsurer in the long run after the deductible has been surpassed. Therefore, if the restriction is not adjusted, the insurer will have a shortage of room.
Incorrect
Inflation is a concern both to the reinsurer and to the insurer. Indeed, if the deductible is not adjusted, inflationary rises will fall entirely on the reinsurer in the long run after the deductible has been surpassed. Therefore, if the restriction is not adjusted, the insurer will have a shortage of room.
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Question 24 of 30
24. Question
Which of the following should be implemented in order to reduce the inflation risk between the two parties?
I. The business shall be reinsured.
II. The limit shall be calculated.
III. The claim date must be extended.
IV. The exclusion is to be calculated.Correct
The waiver/exclusions and the limit are calculated and adjusted in order to minimize inflation costs between the two parties. The choice of an index depends on the motivating company (example: G.M.I. for liability).
Incorrect
The waiver/exclusions and the limit are calculated and adjusted in order to minimize inflation costs between the two parties. The choice of an index depends on the motivating company (example: G.M.I. for liability).
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Question 25 of 30
25. Question
Clauses that are relevant in terms of damages, where penalties can be incurred multiple years after the agreement year, are referred to as:
I. Securitization clauses
II. Claim clauses
III. index clauses
IV. Stability clausesCorrect
Stability clauses (also referred to as index clauses) are relevant in terms of responsibility where damages can be incurred several years after the treaty year. They allow the insurer and the reinsurer to maintain the same payout ratio for the recovery of losses.
Incorrect
Stability clauses (also referred to as index clauses) are relevant in terms of responsibility where damages can be incurred several years after the treaty year. They allow the insurer and the reinsurer to maintain the same payout ratio for the recovery of losses.
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Question 26 of 30
26. Question
Select the statement that correctly describes the working under the stability clauses of the reinsurance agreements.
Correct
The overall payout index is measured which refers to the cumulative value of the index at the times of judgment and the base index (which is the sum since more than one claim can be made for the same loss. That is also the case in the case of liability). This element multiplies the cap and the premium, so the risk distribution between the insured and the reinsurer is measured accordingly.
Incorrect
The overall payout index is measured which refers to the cumulative value of the index at the times of judgment and the base index (which is the sum since more than one claim can be made for the same loss. That is also the case in the case of liability). This element multiplies the cap and the premium, so the risk distribution between the insured and the reinsurer is measured accordingly.
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Question 27 of 30
27. Question
The clause that refers to neglect adjustments to the index when it is below the threshold is referred to as:
Correct
The severe inflation clause (SIC) is similar to dismissing shifts in the index when it is below the threshold. The Franchise inflation rule (FIC) is similar in that the maximum value of the index is extended to all payment periods after the threshold has been exceeded.
Incorrect
The severe inflation clause (SIC) is similar to dismissing shifts in the index when it is below the threshold. The Franchise inflation rule (FIC) is similar in that the maximum value of the index is extended to all payment periods after the threshold has been exceeded.
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Question 28 of 30
28. Question
The London Market Index Clause (LMIC) measures the overall value of the dispute at the time of final judgment, which means that the limitation is expected to be:
Correct
The London Market Index Clause (LMIC) measures the overall interest of the dispute at the time of the actual judgment, which ensures that the protection is expected to be reassessed at a considerably higher amount than the European version of the provision.
Incorrect
The London Market Index Clause (LMIC) measures the overall interest of the dispute at the time of the actual judgment, which ensures that the protection is expected to be reassessed at a considerably higher amount than the European version of the provision.
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Question 29 of 30
29. Question
Besides the standard division of clauses into the European Index Clause (EIC) or the London Market Index Clause (LMIC) common Clauses, there are five practical versions, and several more combinations of these are available in terms of:
I. The date on which the foundation index ends operating.
II. The proportion of the franchise or the surplus margin.
III. Choosing the reference table.
IV. The date on which the foundation index starts operating.Correct
Many more variants of this are possible in terms of: the proportion of the franchise or the excess margin, the option of the base index (for example, the nation retail price index (RPI) or the salary and incomes of all or different classes of employees) and the date from which the base index starts to operate.
Incorrect
Many more variants of this are possible in terms of: the proportion of the franchise or the excess margin, the option of the base index (for example, the nation retail price index (RPI) or the salary and incomes of all or different classes of employees) and the date from which the base index starts to operate.
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Question 30 of 30
30. Question
Typically, there is no continuity clause in the US Casualty Treaty. The explanation is/are as follows. Select the most appropriate ones.
Correct
There is usually no safety clause in the US Injury Treaties. The explanation for this is the heavy resistance of insurers and the implementation of the cause statements that provide insurers and reinsurers with insurance against inflation.
Incorrect
There is usually no safety clause in the US Injury Treaties. The explanation for this is the heavy resistance of insurers and the implementation of the cause statements that provide insurers and reinsurers with insurance against inflation.