Insurance Revision Jinan 2024

5. One consequence of an inefficient claims management process is the overpayment of genuine claims and the mistaken acceptance of fraudulent claims. What is this called?
10. An insurer has accepted a risk it no longer wishes to retain. It can choose to transfer some or all of this risk with a:
12. What is an insurance company that is owned by its policyholders called?
14. Which principle of insurance describes a situation where the insurer has a legal right to pursue a third party that caused an insurance loss to the insured?
16. The principle of insurance which describes the situation where an insured is returned to their pre-loss financial position is:
17. ___ are a possible solution to moral hazard problems.

1. A reinsurer contract that is entered into on a case-by-case basis after an application for insurance is received by a primary insurer is called ___ reinsurance
2. What kind of insurance company is wholly owned by its parent company and does not offer insurance to the general public?
3. Cyber, Reputational, and pandemic risks are examples of ___ risks
4. A situation where people who have taken out insurance behave more recklessly as a result is known as moral ___
6. When the average buyer of an insurance policy is likely to have higher risk than others in their risk class, this is known as ___ selection
7. How are insurance brokers usually paid?
8. Reputation is an ___ asset
9. Which law means that the predictability increases with the number of cases? The law of ___ numbers
11. An insurer buys reinsurance for a risk. In the event of a claim they are obligated to pay 60% of all losses and are entitled to retain 60% of the premiums. This is known as a ___ share
13. Who provides capital to the Lloyds insurance market?
15. What is another word to describe fair premiums?