Rmin 4000 Edmunds Exam 2 2024|2024 Questions With Correct Answers

balance sheet assets {Ans: Mostly financial investments vs. real property (buildings or factories) & production equipment}what are the functions of reinsurance {Ans: increase underwriting capacity, stabilize profits, reduce the unearned premium reserve, provide protections against a catastrophic loss, retire from a line of business, and obtain underwriting advice on a line for which the insurer has little experience}reinsurer {Ans: company that accepts the insurance from the ceding company}treaty reinsurance {Ans: The primary insurer cedes all risks within one or more specific lines of business to the reinsurer (reinsurer must accept all risks included in agreement)}subrogation {Ans: The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. (someone else hits your car, insurance pays you and sues other person)}Bryan Fowler {Ans: Aon account manager, Lockton account exec., VP, and producer}