Which of the following statements about retrospective rating is true?
A) The premium for the current period is determined by the loss experience for prior periods.
B) The premium for the current period is determined by the loss experience during the current period.
C) The premium for future periods is determined by the average loss experience for the current and previous periods.
D) The premium for future periods is determined by the loss experience for the current period.
Correct Answer:
Verified
Q12: JKL Insurance Company reported the following information
Q22: Under the pure premium method of determining
Q27: The unit of measurement used in property
Q29: Under one type of merit rating,the class
Q31: An Econodeath Insurance Company actuary calculated the
Q34: Which of the following statements about judgment
Q36: Monopoly Insurance is the only company marketing
Q37: XYZ Insurance Company uses class rating to
Q38: The portion of an insurance premium allocated
Q40: All of the following statements about class
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents