A Combined Ratio Above One Hundred Means That, For

question 7

Multiple Choice

A combined ratio above one hundred means that, for:

• A)every dollar given out for expenses, more than a dollar was spent on losses.
• B)every premium dollar taken in, more than a dollar was spent on losses and expenses.
• C)every dollar spent on expenses, more than a premium dollar is taken in.
• D)every premium dollar taken in, more than a dollar is gained as profit through investment.
• E)every dollar spent for insurance claims, more than a premium dollar is taken in.

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Definitions:

Wrongful Termination

The illegal firing of an employee in violation of federal or state laws, or breach of employment contract terms.

Disability Income

Financial compensation provided to individuals who are unable to work due to a disability.

Probate

The process of "proving" the validity of a will and ensuring that the instructions in a valid will are carried out.

Will

A document directing how and to whom the maker’s property and obligations are to be transferred on his or her death.