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Financial Compliance and Reporting Quiz

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Questions and Answers

What is the purpose of reinsurance for insurers?

To help insurers cover risks they cannot handle individually (correct)

To provide insurance to individuals

To manage the insurance company's reputation

To handle claims on behalf of insured individuals

What is the role of the reinsurance department within an insurance company?

To directly handle claims from insured individuals

To create legal relationships with reinsurers

To maintain records of the insured's claims

To negotiate and structure reinsurance contracts (correct)

What is the relationship between insured individuals and reinsurers?

They have direct legal relationships

Insured individuals are responsible for reinsurers' actions

Reinsurers are solely responsible for settling claims

There is no direct legal or contractual relationship (correct)

What is the primary responsibility of insurance companies licensed in the Kingdom of Saudi Arabia?

To receive, process, and settle claims Signup and view all the answers

What documents are included in the file related to insured's claims maintained by insurers?

Insurance application form and customer claim Signup and view all the answers

How is the reputation of an insurance company tested from the insured's perspective?

Based on how promptly and fairly it settles policyholders' claims Signup and view all the answers

When does the contract between an insurance company and the insured come into effect?

At the time of loss occurrence Signup and view all the answers

What aspect does reinsurance help the insurance industry protect against?

A wide range of risks including large, concentrated, and complex risks Signup and view all the answers

What is the purpose of maintaining files related to insured's claims by insurers?

To have essential documents available to verify the claim Signup and view all the answers

What kind of relationship exists between reinsurers and insured individuals?

No direct legal or contractual relationship Signup and view all the answers