CPCU Chapter 4 Part 2 (SR)

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Across
  1. 4. A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued.
  2. 5. The balance that underwriters must maintain between the hazards presented by the account and the information needed to underwrite it.
  3. 6. A method of underwriting in which all of the business from a particular applicant is evaluated as a whole.
  4. 8. Income an insurer earns from premiums paid by policyholders minus incurred losses and underwriting expenses.
  5. 9. The portion of the rate that covers projected claim payments and loss adjusting expenses.
  6. 14. A reinsurance agreement that covers an entire class or portfolio of loss exposures and provides that the primary insurer’s individual loss exposures that fall within the treaty are automatically reinsured.
  7. 15. A brief description of insurance coverage prepared by an insurer or its agent and commonly used by policyholders to provide evidence of insurance.
  8. 16. A profitability ratio that indicates whether an insurer has made an underwriting loss or gain.
  9. 17. A set of directions that specify criteria of the exposure base, the exposure unit, and rate per exposure unit to determine premiums for a particular line of insurance.
  10. 18. Reinsurance of individual loss exposures in which the primary insurer chooses which loss exposures to submit to the reinsurer, and the reinsurer can accept or reject any loss exposures submitted.
Down
  1. 1. Performing underwriting functions in an insurer’s office as well as traveling to visit and maintain rapport with agents and sometimes clients.
  2. 2. A rating plan that adjusts the premium for the current policy period to recognize the loss experience of the insured organization during past policy periods.
  3. 3. The distribution of individual policies that compose the book of business of a producer, territory, state, or region among the various lines and classifications
  4. 7. The ratio of insurance policies written to those that have been quoted to applicants for insurance.
  5. 10. A rating plan that awards debits and credits based on specific categories, such as the care and condition of the premises or the training and selection of employees, to modify the final premium to reflect factors that the class rate does not include.
  6. 11. A proposal an offeree makes to an offer that varies in some material way from the original offer, resulting in rejection of the original offer and constituting a new offer.
  7. 12. Methodical examination of a policyholder’s operations, records, and books of account to determine the actual exposure units and premium for insurance coverages already provided.
  8. 13. A ratemaking technique that adjusts the insured’s premium for the current policy period based on the insured’s loss experience during the current period; paid losses or incurred losses may be used to determine loss experience.