1.Rate makers are always certain that the premiums collected are going to be sufficient to pay all losses and expenses.

Select one:

True

False

2.

A public adjustor represents the insured, and can be hired to settle disputed claims.

Select one:

True

False

3.

The claims settlement process begins with investigating the loss.

Select one:

True

False

4.

If an insurance company reports a loss ratio of 75%, it means that they did not charge sufficient premiums.

Select one:

True

False

5.

Excluding damages resulting from storms in a homeowners insurance policy is an example of excluded losses.

Select one:

True

False