(A) Insurance agents and brokers. (B) Independent claim adjusters. (C) Public claim adjusters. (D) Managing general agents (MGAs). (E) Staff claim representatives.

(A) Undetected premium audit errors may allow the insurer to retain premium overcharges and boost profits. (B) Incomplete or inaccurate premium audits cause costly extra work and a loss of efficiency. (C) Accurate premium audits assure equity in prices charged ...

(A) Premium auditing is the verification of premium information included on an insurer’s financial statements. (B) Premium auditing is a methodical examination of the insured’s operations, records, and books of account to determine the actual exposure units and premiums for ...

(A) Earn a profit. (B) Provide funds for government-sponsored disaster relief programs. (C) Decline coverage for exposures that may have a loss. (D) Assist in preventing or reducing accidental losses. (E) Discourage risk-taking in business and personal activities.

(A) Each requires the insured to pay for losses equal to the self-insured retention or the deductible. (B) Each provides liability coverage in excess of the underlying policy limits. (C) Umbrella liability insurance provides coverage for gaps in the underlying ...

(A) The policy’s coverage limit. (B) The insurable interest of all persons insured at policy inception. (C) The policy’s deductible provisions. (D) The policy’s coinsurance provisions. (E) The policy’s provisions for establishing the value of the insured property.

COPE is an acronym describing a common tool used in underwriting the fire peril and other causes of loss to property. What does COPE stand for? (A) Conditions, Omissions, Perils, and Exclusions. (B) Construction, Occupancy, Protection, and External exposure. (C) Commercial, ...

(A) Reinsurance treaties exclude the business. (B) The insurer’s personnel lack needed marketing and underwriting expertise. (C) Intense competition in the line of business would result in insufficient profit opportunities. (D) The underwriter is experiencing a high hit ratio on ...

(A) Seek approval from supervisory personnel within the underwriting department. (B) Accept the application but reclassify the loss exposure. (C) Accept the application and ignore binding authority restrictions. (D) Accept the application as a favor to the producing agent or ...

(A) The volume of premiums written relative to the insurer’s policyholders’ surplus. (B) Availability and cost of adequate reinsurance. (C) Regulatory guidelines. (D) Ability to generate an acceptable return on equity. (E) Standardized methods used to organize underwriting activities.