Question

9.         The phrase ________ describes a claim presented to a property-casualty insurance company years after the relevant underlying insured occurrence.

A.        A long-tail loss
B.         A mismatched claim
C.         Adverse selection
D.        Social inflation
E.         The underwriting cycle

10.       The ____ facilitates cooperation among the various state agencies whenever an insurance issue is a national concern.

A.        Securities and Exchange Commission
B.         Federal Deposit Insurance Corporation
C.         National Association of Insurance Commissioners
D.        National Association of Securities Dealers
E.         none of the above

In paying a(n) _________________, a beneficiary receives a fixed amount, periodically, over some specified time.

A.        annuity
B.         credit life policy
C.         industrial life policy
D.        policy loan
E          policy reserve

Answer 1

Question 9 Long tail Loss

The phrase A Long Tail loss describes a claim presented to a property-casualty insurance company years after the relevant underlying insured occurrence.

Question 10 National Association of Insurance Commissioners

The National Association of Insurance Commissioners (NAIC) facilitates cooperation among the various state agencies whenever an insurance issue is a national concern.

NAIC is the United States Insurance regulator which is governed by Chief Insurance regulators from all the states it's main responsibility is to promote fair competition and to protect the interest of Insurance customers.

Question 11 Annuity

In Annuity, A Person receives a fixed amount of money periodically when he deposit a accumulated sum of money. Examples of Annuity are Deposits in Saving Account etc.