Answer the following questions in short-answer essay format. Your short-answer essay must address all relevant parts of each question and include examples where appropriate. Make sure to cite any references you use. All references must be cited in APA format.
Insurance regulation is a process used to protect consumers, maintain solvency, and avoid destructive competition. Give one example of how states regulate each of these areas and explain why you believe it is important for states to focus on these topics.
Regarding an insurers income statement answer the following in short answer essay form.
Where do the insurer’s revenue and expenses come from?
What are the differences between the insurer’s income statement and balance sheet?
Ares Insurance had an underwriting gain of $400,000,000 last year and a net investment income gain of $12,000,000. What was the company’s net income before taxes?
Lauri is an insurance producer. In each of the following examples identify the type of producer Lauri is and explain how you came to your answer include the factors that contributed to your decision.
Lauri owns her own expiration list and represents her customers.
Lauri does not own her own expiration list, only represents a single insurance company, but she is not an employee of that insurance company.
Lauri does not own her own expiration list, only represents a single insurance company, and is an employee of that insurance company.
Lauri owns her own expiration list and can commit an insurance company to writing a policy.
Nicole is the President of New Mexico Insurance Company located in Albuquerque, NM. One of the key elements in the insurers business plan for the coming year is to begin writing accounts in Arizona. Specifically, given the dramatic increase in apartment buildings, especially in the Phoenix metro area, they want to offer renters insurance for tenants of these new buildings. The expected premiums for these policies are low ($150 to $250 per year). The company’s objective is to write $15 million in premium, or a minimum of 80,000 policies, over the next two years.
Nicole is consulting you on which option would be best as her company markets this insurance.
Which insurance marketing system would you recommend to Nicole?
Explain what led you to this type of marketing strategy.
Nicole is torn on which marketing system to use. She is considering individuals who represent the customer, apps and websites, and members of the same professional group.
Identify the names of each of the channels Nicole is considering.
Provide Nicole with the benefit or drawback of each system she is considering based on the company’s strategic goals.
Of these three, which would you feel is best for Nicole to use? Please support your answer.
You are interested in purchasing a policy from ABC Insurance Company and you want to make sure that they are financially sound. They have been in business for over ten years and you are impressed by the quality of their insurance policies and their agents. Listed below are the premium, losses, expenses, and other results from their most recent Annual Report. Determine the listed financial ratios for ABC and be sure to show your calculations.
Written Premium: $500,000,000
Earned Premium: $400,000,000
Incurred Losses: $300,000,000
Incurred Expenses: $100,000,000
Net Investment Income: $40,000,000
What is ABCs loss ratio?
What is ABCs expense ratio?
What is ABCs combined ratio?
Did ABC make an underwriting profit or suffer an underwriting loss for the year? List the percentage and how you arrived at your answer. (Note: you will not be able to calculate the dollar amount of profit or loss with the information provided so show only the percentage of profit or loss.)
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