ABA CTFA Practice Test - Questions Answers, Page 79
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In which policies the contract provides for insurance coverage for a fixed period of duration and enables the insurer to not renew the contract or adjust the provisions of the contract at the end of the contract period?
If claims have been reported to the insurer after the contract period, it may several months for the insurer to investigate and establish a case reserve for reported claims.
In which account current, for individual policies, the agent collects the premiums directly from the insureds, subtracts his or her commissions and remits the net premiums due to entity?
The agents submits to the insurance entity a statement of all policies issued or due during the current month , and the net amount of the statement is subsequently to be paid in accordance with the agency agreement, is a account current of:
Who is responsible for accounting for customer remittance advices and the agent's current account?
Changes in existing policies that may result in additional premiums or return premiums, such as increases or decreases in coverage limits, in:
In _________________, an adjustment is based on experience of an individual risk during the term of the policy and is generally subject to maximum and minimum premium limits specified in the policy.
Outgoing premiums less return premiums arising from reinsurance purchased from other insurance entities are called:
Home office record-maintenance methods may include:
A premium deficiency relating to which insurance contracts indicate a probable loss on premiums yet to be earned.
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