What is the legal significance of a material misrepresentation in an insurance application?

Amy heads the legal staff of a large property and liability insurance company. Amy’s staff is likely involved in which of the following activities?

Functions of an insurance company’s legal department include which of the following?I.Lobbying for legislation favorable to the insurance industry.II.Drafting policy provisions.

Factors that may result in more restrictive underwriting decisions include which of the following?I.Inadequate rates.II.The unavailability of reinsurance at favorable terms.

Liability items on an insurer’s balance sheet that reflect obligations that must be met in the future are called

The primary function of an actuary is to

Which of the following statements about subrogation is true?

All of the following are reasons for a primary insurer to use reinsurance EXCEPT

Which of the following types of insurance policies can usually be assigned without the insurer’s consent?I.Life insuranceII.Property insurance

The underwriting process begins with the