#1
What is an insurance underwriting procedure?
A process of evaluating risk and determining coverage
ExplanationRisk assessment and coverage determination process
#2
Which of the following is NOT a factor considered in underwriting?
Color of car
ExplanationCar color is not a factor in underwriting decisions
#3
What is the main goal of underwriting?
To minimize the risk of insuring an individual or entity
ExplanationRisk mitigation in insurance coverage
#4
What is the 'underwriting cycle'?
A fluctuation in the insurance market characterized by soft and hard markets
ExplanationMarket fluctuations affecting insurance dynamics
#5
Which of the following is a type of underwriting?
Both A and B
ExplanationMultiple types of underwriting exist
#6
What is the significance of the underwriting process?
It helps insurance companies manage risk and set appropriate premiums
ExplanationRisk management and premium setting significance
#7
What is the purpose of the 'underwriting guidelines'?
To establish the rules and procedures for underwriting
ExplanationGuidelines set for underwriting procedures
#8
What is 'medical underwriting'?
A process of evaluating the medical history of an individual applying for insurance
ExplanationAssessment of medical history in insurance applications
#9
What is the purpose of underwriting guidelines?
To establish the rules and procedures for underwriting
ExplanationGuidelines to regulate underwriting processes