These Individuals Are Charged with Determining Appropriate Rates (Prices) for Insurance

question 50

Multiple Choice

These individuals are charged with determining appropriate rates (prices) for insurance coverage.They estimate the frequency and severity of losses and the loss distribution to determine rates for coverage.Identify them.

• A)Underwriters
• B)Assessors
• C)Reinsurers
• D)Demographers
• E)Actuaries

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Definitions:

Fallacy of Affirming the Consequent

A logical fallacy that occurs when, from an if-then statement, one incorrectly infers the if-part solely from the then-part.

Affirming the Consequent

A logical fallacy in which a conclusion is incorrectly derived from a conditional statement (if A, then B; B, therefore A).

Straw Man Fallacy

A logical fallacy that involves misrepresenting an argument to make it easier to attack.

Appeal to Emotion

A logical fallacy where an argument is made by manipulating the emotions of the audience rather than by using valid reasoning.