Question: How does ratemaking or the pricing of insurance differ from
How does ratemaking, or the pricing of insurance, differ from the pricing of other products?
Answer to relevant Questionsa. Define the meaning of underwriting.b. Briefly explain the basic principles of underwriting.c. Identify the major sources of information available to underwriters.Briefly describe the following insurance company operations:a. Information systemsb. Accountingc. Legal servicesd. Loss controlFor the past calendar year, a property insurer reported the following financial information for a specific line of insurance:Premiums written.................. $25,000,000 Expenses incurred.................. 5,000,000 ...a. What are the two major sources of revenue for a property and casualty insurance company?b. What are the major expenses of a property and casualty insurance company?Explain why the insurance industry is regulated.
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