7-9

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Across
  1. 2. is the process of selecting policy-holders by recognizing and evaluating hazards, establishing prices and determining policy terms and conditions
  2. 5. Underwriters responsible for evaluating individual applicants and policies subject to renewal.
  3. 6. is a demand by a person or business seeking to recover from an Insurance company, for a loss that covered by the Insurance company
  4. 7. rate cancellation: entails a penalty in excess of pro rata for early termination
  5. 8. the Government and its functionaries can be the official regulators for Insurance business. They are also known as state regulators.
  6. 10. is a process by which an Insurance company comes out with a structure that enables it to fix a premium rate for the insured
  7. 12. Underwriters: Those responsible for evaluating individual applicants and policies subject to renewal.
Down
  1. 1. method Relies heavily on experience and knowledge of an actuary or an underwriter with little or no use of statistics
  2. 3. is a contract of Insurance whereby one Insurer agrees, for a portion of the premium, to indemnify another Insurer for losses paid by the reinsured under Insurance policies issued by the reinsured to its policyholders.”
  3. 4. extension of the term of coverage of an expired policy, commonly by replacement with another policy effective on the date of expiration of the previous policy.
  4. 9. 3
  5. 11. put price tags on risks. They are basically statisticians who calculate the costs of uncertain future events that range from tornadoes and hurricanes to changes in life expectancy.