Audit of Insurance company

Audit of Insurance company

Assessment

Flashcard

Business

University

Hard

Created by

Christian Miranda

Used 1+ times

FREE Resource

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50 questions

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1.

FLASHCARD QUESTION

Front

As defined under Philippine law, a contract of insurance is an agreement whereby one undertakes a consideration to indemnify another against ____, ______, or _________ arising from an unknown or contingent event.

Back

loss; damage; or liability

2.

FLASHCARD QUESTION

Front

(Type of Insurance contract) An insurance on human lives and insurance appertaining thereto or connected therewith

Back

Life Insurance

3.

FLASHCARD QUESTION

Front

(Type of Insurance contract) An insurance that does not come under the scope of life insurance.

Back

Non Life Insurance

4.

FLASHCARD QUESTION

Front

(Type of Insurance Contract) A contract by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance.

Back

Re insurance

5.

FLASHCARD QUESTION

Front

(Characteristic of Insurance Industry) Insurance companies rely heavily on complex mathematical models to assess risk, calculate premiums, and determine reserves. These systems analyze vast amounts of data to evaluate the risk associated with individual policyholders. Automated systems are used to process claims efficiently and accurately.

Back

High reliance on complex systems

6.

FLASHCARD QUESTION

Front

(Unique characteristics of Insurance company) Predicting Future Events: Insurers must make educated guesses about the likelihood of future events, such as natural disasters, accidents, and illnesses.

Back

Highly reliant on significant assumptions, estimates, judgments

7.

FLASHCARD QUESTION

Front

(Unique characteristics of insurance company) Insurance companies are subject to strict regulations to protect consumers and ensure financial stability.

Back

Highly regulated industry

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