What will a title company issue that is an agreement by an insurer to issue a...
What will a title company issue that is an agreement by an insurer to issue a title policy?
a) A chain of title
b) A certificate of deposit
c) A title insurance commitment
d) An escrow disbursement
Homework Answers
Title insurance is a contract to indemnify the insured against any loss to the property title.
Answer is c) A title insurance commitment
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What will a title company issue that is an agreement by an
insurer to issue a...
What type of special title insurance policy covers the possibility of a mechanic's lean having priority...
What type of special title insurance policy covers the possibility of a mechanic's lean having priority over a mortgage or deed of trust? a) An oil and gas interest policy b) a leaseholder policy c)a vendee policy d)An early issue endorsement
Question 1 (1 point) Saved A contract in which the insurer agrees to assume certain risks...
Question 1 (1 point) Saved A contract in which the insurer agrees to assume certain risks of the insured for consideration is __________. Question 1 options: an insurance policy a premium a risk a policyholder Question 2 (1 point) After an investigation of a malpractice claim, the insurance company __________ if liability is questionable and the risks of proceeding to trial are too great. Question 2 options: may agree to a settlement issue a new malpractice insurance policy to cover...
Commercial Insurance is a large stock property and liability insurer that specializes in the writing of...
Commercial Insurance is a large stock property and liability insurer that specializes in the writing of commercial lines of insurance. The board of directors has appointed a committee to determine the feasibility of forming a new subsidiary insurer that would sell only personal lines of insurance, primarily homeowners and auto insurance. The new insurance company would have to meet certain management objectives. One member of the board of directors believes the new insurer should be legally organized as a mutual...
Reinsurance can be used by an insurer to solve several problems. Assume you are an insurance...
Reinsurance can be used by an insurer to solve several problems. Assume you are an insurance consultant who is asked to give recommendations concerning the type of reinsurance plan or arrangement to use. For each of the following situations, indicate the type of reinsurance plan or arrangement that the ceding insurer should use, and explain the reasons for your answer. Answer at least 2 of the following: a.Company A is an established insurer and is primarily interested in having protection...
Thomas Company has a $5 million revolving credit agreement with Bank of Central Asia. Being a...
Thomas Company has a $5 million revolving credit agreement with Bank of Central Asia. Being a favored customer, the rate is set at 1 percent over the bank’s cost of funds, where the cost of funds is approximated as the rate on negotiable certificates of deposit (CDs). In addition, there is a 1⁄2 percent commitment fee on the unused portion of the revolving credit. If the CD rate is expected to average 9 percent for the coming year and if...
DEX, Inc. has flucuating inventory levels. It has opted to provide its insurer with a monthly value reporting form to do...
DEX, Inc. has flucuating inventory levels. It has opted to provide its insurer with a monthly value reporting form to document its monthly inventory values for premium calculation purposes. Assume for its last report DEX purposely underreported its inventory values as $75,000 instead of the true $100,000 so that it would have a smaller premium payment at the end of the year. One week after submitting its report, DEX suffered a fire loss to its inventory valued at $20,000. This...
When an insurer promises to pay 30% of treatment costs, this amount is known as a...
When an insurer promises to pay 30% of treatment costs, this amount is known as a a. Deductible b. Lifetime maximum c. Co-insurance d. Stop-loss
PART 1: Delta Insurance is a property insurer that entered into a surplus-share reinsurance treaty with...
PART 1: Delta Insurance is a property insurer that entered into a surplus-share reinsurance treaty with Eversafe Re. Delta has a retention limit of $200,000 on any single building, and up to nine lines of insurance may be ceded to Eversafe Re. A building valued at $1,600,000 is insured with Delta. Shortly after the policy was issued, a severe windstorm caused an $800,000 loss to the building. How much of the loss will Delta pay? Show your calculations. How much...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various closing costs will be allocated between the parties in the customary way unless otherwise noted. Use a 360-day year and 30-day months for your prorations. Round dollar amounts to two decimal places for each step in your calculations. (Digits from 1 through 4 should be rounded down; digits from 5 through 9 should be rounded up.) The house at 314 Baker Street...
Calamity Casualty Insurance Company, a primary insurer, has a quota share treaty with Whitecherry Reinsurance Company,...
Calamity Casualty Insurance Company, a primary insurer, has a quota share treaty with Whitecherry Reinsurance Company, with a 70% retention. Calamity Casualty insured the Acme Equipment Dealer for a limit of $2,000,000 and a premium of $1,000. What amount of the premium will Whitecherry Re receive? Show calculations. [Ignore ceding commissions for this exercise.]
Reinsurance can be used by an insurer to solve several problems. Assume you are an insurance consultant who is asked to give recommendations concerning the type of reinsurance plan or arrangement to use. For each of the following situations, indicate the type of reinsurance plan or arrangement that the ceding insurer should use, and explain the reasons for your answer. Answer at least 2 of the following: a.Company A is an established insurer and is primarily interested in having protection...
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