Chapter 4 | FIN 3113 - Financial Systems, Quizzes of Finance

Download Chapter 4 | FIN 3113 - Financial Systems and more Quizzes Finance in PDF only on Docsity! TERM 1 balance sheet liability DEFINITION 1 Policy reserves are a _____. TERM 2 Term life DEFINITION 2 _____ types of life insurance policies do not have a savings feature. TERM 3 the sum of the loss ratio plus general expenses and broker's commissions DEFINITION 3 In property and casualty insurance, the combined ratio is equal to _____ divided by total premiums written. TERM 4 variable growth rate of the cash value DEFINITION 4 The term "variable" in a variable life policy refers to the _____. TERM 5 state insurance regulator DEFINITION 5 The primary regulator of insurance firms is the _____. TERM 6 bonds, policy reserves DEFINITION 6 The largest assets category of life insurers is _____ and the largest liability category is _____. TERM 7 Financial Services Modernization Act DEFINITION 7 Insurance companies, commercial banks and investment banks may now affiliate with each other and engage in similar lines of business. These powers were granted by _____. TERM 8 more, less DEFINITION 8 Property and casualty insurers hold ____ short term assets than life insurers because property and casualty loss rates are ____ predictable than life insurance loss rates. TERM 9 the combined ratio after dividends minus the investment yields DEFINITION 9 The operating ratio is calculated as ____. TERM 10 loss adjustment expenses and variations in commission and other expenses DEFINITION 10 The two major components of expense risk for P&C insurers are ____.