Conceptos Clave de Seguros

What is the Law of Large Numbers?

• A statistical principle that states that as the sample size increases, the sample mean will get closer to the population mean.

• A principle that states that risks can be insured.

• A method of risk management.

• A principle that states that the insured should benefit from the indemnity.

What is the difference between insurable and uninsurable risk?

• Insurable risk can be covered by an insurance policy.

• Uninsurable risk can be covered by an insurance policy.

• Both types of risks are the same.

• Insurable risk is predictable.

What are the methods of risk management?

• Transfer, retention, reduction, and avoidance.

• Only transfer and retention.

• Only reduction and avoidance.

• None of the above.

What is the principle of indemnity?

• The insured must be compensated for the loss suffered.

• The insured should benefit from the indemnity.

• The insurer must pay all claims.

• The insured must not file claims.

What are the types of aggravating factors?

• Physical, moral, ethical.

• Only physical and moral.

• Only ethical.

• None of the above.

What is a domestic insurer?

• An insurer that operates in its country of origin.

• An insurer that operates in another country.

• An insurer that is not registered.

• An insurer that only covers local risks.

What is the difference between stock insurers and mutual insurers?

• Stock insurers are owned by shareholders, while mutual insurers are owned by policyholders.

• Both are the same.

• Mutual insurers are more profitable.

• Stock insurers do not pay dividends.

What are reinsurers?

• Companies that insure other insurers to help distribute risk.

• Companies that only insure individuals.

• Companies that do not pay claims.

• Companies that only operate domestically.

What does NAIC stand for?

• National Association of Insurance Commissioners.

• National Association of Insurance Companies.

• National Association of Insurance Consumers.

• None of the above.

What is the role of the SEC in variable insurance products?

• Regulates variable insurance products.

• Supervises fair business practices.

• Only oversees mutual funds.

• None of the above.