A Short Document Acknowledging Receipt of an Application and Premium

question 27

Multiple Choice

A short document acknowledging receipt of an application and premium for an insurance policy is called a(n)

• A)codicil.
• B)binder.
• C)power of attorney.
• D)proxy.

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Definitions:

Simple Linear Regression

This statistical technique involves modeling the correlation between a dependent variable and one independent variable through the application of a linear equation based on collected data.

Response Variable

The variable in an experiment or statistical model that changes in response to the manipulation of the explanatory variable.

Explanatory Variable

A variable in statistical modeling that is posited to cause or influence changes in a response variable; also known as an independent variable.

Degrees Of Freedom

The number of independent values or quantities which can vary in the calculation without violating any constraints.