Podcast
Questions and Answers
What is the main purpose of insurance for individuals and organizations?
What is the main purpose of insurance for individuals and organizations?
What is the most important factor in determining the value of a liability claim?
What is the most important factor in determining the value of a liability claim?
The legal responsibility of the insured and the amount of damages.
Which type of insurance policy typically covers losses to a dwelling, other structures, personal property, and loss of use of property due to a covered cause ofloss?
Which type of insurance policy typically covers losses to a dwelling, other structures, personal property, and loss of use of property due to a covered cause ofloss?
Why is it easier for insurers to price property insurance compared to liability insurance?
Why is it easier for insurers to price property insurance compared to liability insurance?
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A surplus lines insurer is usually exempted from insurance regulations pertaining to policy forms and rates.
A surplus lines insurer is usually exempted from insurance regulations pertaining to policy forms and rates.
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What are the three main areas where insurance regulation focuses on the insurance operations?
What are the three main areas where insurance regulation focuses on the insurance operations?
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Which of the following is NOT a risk control technique?
Which of the following is NOT a risk control technique?
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What are two main sources of income for insurers?
What are two main sources of income for insurers?
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What is a catastrophe loss?
What is a catastrophe loss?
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What are the three elements of a liability loss exposure?
What are the three elements of a liability loss exposure?
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Which of the following is NOT a common valuation method for property insurance?
Which of the following is NOT a common valuation method for property insurance?
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What is the primary purpose of an insuring agreement in an insurance policy?
What is the primary purpose of an insuring agreement in an insurance policy?
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What is the purpose of an exclusion in an insurance policy?
What is the purpose of an exclusion in an insurance policy?
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Study Notes
Insurance Knowledge Aptitude Test Text Book (IKAT)
- IKAT Version 1 is for the US Division
- Material provided by the Institutes Knowledge Group
- Proprietary material, not to be forwarded outside the organization
Contents
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Assignment 1: Understanding Insurance
- Benefits and Costs of Insurance
- Major Roles of Insurance
- Types of Personal and Commercial Insurance
- Types of Private Insurers
- Government Insurance Programs
- Overview of Insurance Functions
- Summary (page numbers 1, 2, and 6)
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Assignment 2: Insurance Regulation
- Why Insurance Operations Are Regulated
- Insurer Licensing
- Insurance Rate and Form Regulation
- Market Conduct and Solvency Regulation
- Summary (page numbers 2 and 32)
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Assignment 3: Insurer Financial Performance
- Understanding Insurer Financial Statements
- Analyzing Insurer Financial Ratio Calculations
- Knowledge to Action: Financial Ratios and Insurer Financial Performance Case
- Summary (page numbers 3, 47, and 42)
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Assignment 4: Marketing
- Understanding Factors That Influence an Agency Relationship
- Summarizing Types of Insurance Distribution Systems
- Functions of Insurance Producers
- Selecting Insurance Marketing Distribution Systems and Channels
- Summary (page numbers 3, 64, 69 and 75)
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Assignment 5: Underwriting and Rate-making
- Underwriting Activities
- The Underwriting Process
- Underwriting Management
- Rate-making
- Premium Determination
- Summary (page numbers 3, 86, 87, and 90)
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Assignment 6: Claims
- Goals of the Claims Function
- Claims Department Structure, Personnel, and Performance
- The Claims Handling Process
- Aspects of Property Insurance Claims
- Aspects of Liability Insurance Claims
- Good-Faith Claims Handling
- Summary (page numbers 3 and 108)
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Assignment 7: Risk Management
- Basic Purpose and Scope of Risk Management
- Identifying and Analyzing Loss Exposures
- Examining the Feasibility of Risk Management Techniques
- Selecting, Implementing, and Monitoring Risk Management Techniques
- Benefits of Risk Management
- Applying the Risk Management Process
- Summary (page numbers 4 and 139)
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Assignment 8: Loss Exposures
- Property Loss Exposures
- The Basis for Legal Liability
- Liability Loss Exposures
- Personnel Loss Exposures
- Net Income Loss Exposures
- Ideally Insurable Loss Exposures
- Summary (page numbers 4 and 168)
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Assignment 9: Insurance Policies
- Elements of a Contract
- Distinguishing Characteristics of Insurance Policies
- Insurance Policy Structure
- Policy Provisions
- Property Policy Provisions
- Liability Policy Provisions
- Summary (page numbers 5 and 204)
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Description
This quiz tests your understanding of key concepts in insurance, including the roles, types, and regulations governing insurance operations. Additionally, you will explore insurer financial performance and the importance of financial statements and ratios. Perfect for those looking to enhance their insurance knowledge.
