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Exam Elaboration | Education
C120 IIC Application/Narrative Questions Flashcards - CH.1-9
SKU: C120 IIC Application/Narrative | Pages: 39 | Year: 2024
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C120 IIC Application/Narrative Questions
Flashcards - CH.1-9
The line guide specifies the criteria that an underwriter must consider when accept...
C120 IIC Application/Narrative Questions
Flashcards - CH.1-9
The line guide specifies the criteria that an underwriter must consider when accepting or
rejecting a
risk. List FIVE (5) of the areas the underwriter should consider when making a decision - ✔✔•
Licensing
• Types of business
• Lines of business
• Territory
• Capacity
• Reinsurance
• Pricing
When assessing a risk, what questions does an underwriter explore before making a decision? -
✔✔• Length of time in business?
• Type of loss?
• Perils?
• Physical hazards?
• Moral hazard?
Explain the difference between pure risk and speculative risk. List the types of insurable risks -
✔✔• Pure risk is a risk that entails a chance of loss but no chance of profit
• Speculative risk is a risk where there is a chance of loss and a chance of profit
• Types of insurable risks
o Personal risks
o Property risks
o Liability risks
Kumar purchases a compact SUV. He has been driving for more than 12 years and has a clean
record. Kumar has been working at his job for 18 months, and the SUV is his first big purchase.
He
rents an apartment in a high-traffic neighbourhood that has seen a spike in crime and accidents
over
the past few years. Being an owner of a new automobile and living in a high-crime, high-
accident
neighbourhood puts Kumar at risk of financial loss arising out of a collision or theft.
a. What is the underwriter's responsibility in assessing Kumar as a risk? - ✔✔. Underwriter's
assessment
• Driving record
• Past losses
• Financial stability
• Length of time at residence
• Length of time at job (employment)
Kumar purchases a compact SUV. He has been driving for more than 12 years and has a clean
record. Kumar has been working at his job for 18 months, and the SUV is his first big purchase.
He
rents an apartment in a high-traffic neighbourhood that has seen a spike in crime and accidents
over
the past few years. Being an owner of a new automobile and living in a high-crime, high-
accident
neighbourhood puts Kumar at risk of financial loss arising out of a collision or theft.
b. What kind of risk does this represent for Kumar, and how might it affect him? - ✔✔Type of
risk for Kumar
• Being the owner of an automobile, there is always a chance of a collision and that is a pure risk
• There could be a risk of injury to Kumar
• There could be incurred medical costs
• There could be a loss of wages due to lost time at work
• The vehicle could be damaged or destroyed
Kumar purchases a compact SUV. He has been driving for more than 12 years and has a clean
record. Kumar has been working at his job for 18 months, and the SUV is his first big purchase.
He
rents an apartment in a high-traffic neighbourhood that has seen a spike in crime and accidents
over
the past few years. Being an owner of a new automobile and living in a high-crime, high-
accident
neighbourhood puts Kumar at risk of financial loss arising out of a collision or theft.
- 39-pages detailed model answer (PDF + online view)
- Clinical reasoning & medication selection justified
- NP-level explanation with key teaching points
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C120 IIC Application/Narrative Questions Flashcards - CH.1-9
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