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Insurance agents :

A.provide a function similar to insurance underwriters

B.

decide what insurance premiums to charged

C are locally regulated.

D.

may represent one insurance company

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Nelly Stracke
Nelly StrackeLv2
28 Sep 2019

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Currently neither Ken nor Sandra has disability insurance coverage. Ken and Sandra would like more information from you about disability insurance. Which of the following statements is true in relation to disability insurance? Justify your answer.


A. Shorter elimination periods result in lower premium costs.

B. Benefits paid from employer-provided group disability plans are received income tax-free.

C. If a guaranteed renewable contract is used, the insurance company cannot increase premiums on individual policies but can raise premiums for all individuals covered by that policy.

D. Disability policies are nearly always designed to provide lifetime benefits.

1. How do agents and brokers differ?

2. After hearing the advice that it is usually best to buy life insurance from a person who has been in the business at least five years, a life insurance company general agent became upset and said rather vehemently, “How do you think we could recruit an agency force if everybody took your advice?” How would you answer that question?

3. Is the inherently discriminatory nature of underwriting acceptable from a public policy standpoint? Would shifting to a primarily behavior-based approach to risk assessment be feasible?

4. What actuarial adjustments are built into the pricing of life insurance premiums?

5. Occasionally, Insurer X will reinsure part of Insurer Y’s risks, and Insurer Y will reinsure part of Insurer X’s risks. Doesn’t this seem like merely trading dollars? Explain.

6. What is the relationship between the following functions within an insurance company?

a. Marketing and underwriting

b. Underwriting and actuarial

c. Actuarial and investment

d. Legal and underwriting

e. Claims and marketing

f. Claims adjusting and actuarial

All of the following are true EXCEPT:

Select one:

a. Mutual insurance companies issue stock and are organized as for-profit corporations

b. Mutual insurance companies are owned by policy-holders and profits are disbursed in dividends

c. Mutual insurance companies have a harder time raising capital than other insurance companies

d. Mutual insurance companies are permitted to merge with other companies to form a larger company

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