2016 Spring #9
for c.ii, is "underwriting and pricing of risk insured" the same as "rates", i thought it is "underwriting and claims administration". so which one?
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for c.ii, is "underwriting and pricing of risk insured" the same as "rates", i thought it is "underwriting and claims administration". so which one?
Comments
Not sure I fully follow your question
"pricing of risk insured" is essentially yes, how are the rates determined for said-so risk. Underwriting is basically determining if the risk fits the criteria to be taken on. Are you asking if pricing of risk insured is same as claims administration? claims administration is basically how to deal with paying if there are losses to happen, but if you are paying losses, you obviously have to receive premiums (the pricing/rates) and therefore those risks have to fit the underwriting criteria to be taken on
It's not different ideas, just different ways they can be worded, so I would understand the concept rather than focusing on just what the one bullet phrase can mean (The exam will never always just stick to one word/phrase, so its important to be flexible and agile with how you think and blend different bullet points/ideas!) - thanks!
so are we using the first bullet point and last bullet point to answer c.ii?
Yup! Its basically CAS blending two ideas together