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Questions and Answers
What is the main responsibility of an insurance carrier?
What is the main responsibility of an insurance carrier?
- Assuming the risk covered in policies (correct)
- Processing insurance claims
- Selling insurance policies
- Providing reinsurance
Which term refers to insurance that is purchased by an insurance company to pass on some of its insurance liabilities to another company?
Which term refers to insurance that is purchased by an insurance company to pass on some of its insurance liabilities to another company?
- Claims Adjuster
- Exclusion
- Standard Insurance
- Reinsurance (correct)
What do exclusions do in an insurance policy?
What do exclusions do in an insurance policy?
- Extend the scope of coverage
- Eliminate coverage for certain risks (correct)
- Provide additional coverage
- Reduce premiums for the policyholder
A claims adjuster's main role involves:
A claims adjuster's main role involves:
What is the primary focus of a claims processor's job?
What is the primary focus of a claims processor's job?
Property/Casualty insurance primarily helps protect against:
Property/Casualty insurance primarily helps protect against:
In the insurance industry, what does Standard Insurance refer to?
In the insurance industry, what does Standard Insurance refer to?
'Claims Processor' typically works in collaboration with:
'Claims Processor' typically works in collaboration with:
What is the primary function of reinsurance in the insurance industry?
What is the primary function of reinsurance in the insurance industry?
How do independent claims adjusters differ from claims processors in the insurance industry?
How do independent claims adjusters differ from claims processors in the insurance industry?
What distinguishes captive insurance companies from standard insurance companies?
What distinguishes captive insurance companies from standard insurance companies?
What purpose do exclusions serve in an insurance policy?
What purpose do exclusions serve in an insurance policy?
Which statement best describes the role of claims adjusters in the insurance industry?
Which statement best describes the role of claims adjusters in the insurance industry?
In what way do excess insurance companies differ from standard insurance companies?
In what way do excess insurance companies differ from standard insurance companies?
Why do insurance carriers often rely on reinsurance in the industry?
Why do insurance carriers often rely on reinsurance in the industry?
What distinguishes property/casualty insurance from life insurance in terms of coverage?
What distinguishes property/casualty insurance from life insurance in terms of coverage?
What is a common disadvantage associated with standard insurance companies?
What is a common disadvantage associated with standard insurance companies?
What defines excess insurance companies in terms of coverage?
What defines excess insurance companies in terms of coverage?
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