Retention, Retrospective Rating,Salvage

1.The amount of risk retained by an insurance company that is not reinsured is termed as ______

Retention Retrocession Pure Life Annuity None of the Above

2.A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is called _________

Retention Retrocession Retrospective Rating None of the Above

3.Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to handle liability insurance is called_____

Retention Retrocession Retrospective Rating Risk Retention Groups

4.An insurance cover that is linked with credit activities and aims to protect the credit is called ______

claims Retrocession Retrospective Rating credit life

5.Which refers damaged property an insurer takes over to reduce its loss after paying a claim?

Salvage Schedule Retrospective Rating credit life