Underwriting Quiz

Underwriting Quiz

University

16 Qs

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Underwriting Quiz

Underwriting Quiz

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

IZZATI IBRAHIM

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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary objective of underwriting?

To maximize profits

To determine who to insure

To minimize risk

To increase premiums

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an element of premium?

Expenses loading

Profit loading

Claim history

Risk premium

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the underwriting process involve?

Assessing the risk

Calculating taxes

Marketing insurance products

Setting up claims

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by 'risk classification' in underwriting?

Grouping risks based on their characteristics

Setting insurance rates

Determining the total premium

Evaluating claims history

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of contingency loading?

To cover expected claims costs

To account for administrative expenses

To cushion against unexpected large claims

To provide dividends to shareholders

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the risk premium rate calculated?

Total Claims multiplied by risk factor

Total Premium divided by number of policies

Average Total Claims divided by Average Total Value Insured

Average Total Value Insured divided by claims history

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'homogeneous risks' refer to?

Risks with identical loss distributions

Risks with different characteristics

Risks that are highly variable

Risks that are not insurable

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