Under One Type of Rate Regulation,insurers Do Not Have to Register

question 47

Multiple Choice

Under one type of rate regulation,insurers do not have to register their rates with state regulatory authorities.However,insurers may be required to furnish rate schedules and supporting data to state officials.A fundamental assumption underlying this type of rating law is that market forces will determine the price and availability of insurance,rather than discretionary acts of regulators.This type of rate regulation is called

• A)a flex-rating law.
• B)a prior-approval law.
• C)a file-and-use law.
• D)no filing required.

Understand the concept of standard error and its calculation for sample means and proportions.

Identify and comprehend point estimators and their role in statistical inference.

Describe the characteristics and significance of a sampling distribution in statistical sampling.

Distinguish between different sampling methods and understand the importance of randomness in sample selection.

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Definitions:

Factory Supplies

Materials and items used in a factory that do not directly go into a finished product but are necessary for manufacturing processes.

Factory Overhead

All indirect costs associated with the manufacturing process, including but not limited to utilities, maintenance, and management salaries, excluding direct labor and materials.

Advertising Expense

Costs incurred in promoting products, services, or the brand itself through various media channels.

Selling

The process of persuading customers to purchase goods or services from a company.