1
Q
Law of large numbers
A
Homogenous risks with similar outcomes
2
Q
What’s a discrimination factor
A
Difference in risks
3
Q
Factors the calculation of premium must allow for (insurer) COP
A
Claims setting operating costs
Profit
4
Q
What’s a premium rate vs base
A
Rate = hazards
Base = measure of exposure
5
Q
Rating factor for packaged shop policies
A
Contents sum insured
6
Q
What does a Lloyd’s managing agent do
A
Employ underwriters
7
Q
What’s an exclusion to packaged policies
A
Injury / damage from professional neglect
8
Q
Is personal accident flat or adjustable
A
Flat
IF8
flashcards
Decks in class (10)
# Cards
