In _________________, an Adjustment Is Based on Experience of an Individual

question 283

Multiple Choice

In _________________, an adjustment is based on experience of an individual risk during the term of the policy and is generally subject to maximum and minimum premium limits specified in the policy.

• A) Business recordkeeping
• B) Retrospective premium adjustments
• C) Premium transaction flow
• D) Adjusting premiums

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Definitions:

Daoism

A philosophical and religious tradition rooted in Chinese culture that emphasizes living in harmony with the Dao, which is the fundamental nature of the universe.

Confucianism

East Asian philosophy–religion based on the teachings of the Chinese philosopher Confucius (551–479 BCE). Confucianism is concerned with harmonious social and political relationships, good leadership, and getting along with others through cultivating personal virtue. The central question in Chinese thought generally is the ethical question of what is the good life. For Confucius, the answer was to live in harmony with other human beings, and his philosophy focuses on “the Way” (Dao or Tao) to do that.

Social Order

The system of organized and patterned social arrangements and structures that inform the behavior and expectations of members within a society.

Ontologies

In philosophy, refers to the study of being or existence, and in computer science, a structured framework for organizing information or knowledge.