Insurer Management & Distribution

Question 1

_____– Oversee the operation of the business.

Answer 1

Executives

Question 2

_____ – Gather and interpret statistical information used in rate making. An actuary determines the probability of loss and sets premium rates.

Answer 2

Actuarial Department

Question 3

_____ – Responsible for the selection of risks (persons or property) to insure and rating that determines policy premiums.

Answer 3

Underwriting Department

Question 4

_____ – Responsible for advertising and selling.

Answer 4

Marketing/Sales Department

Question 5

_____– Assists the policyholder, insured, or beneficiary in the event of a loss and processes, and pays the amount of the claim in a timely manner based upon the contractual provisions and the amount insured.

Answer 5

Claims Department