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Underwriting Profit (or losses) Arises out of insurance operations. It is the amount
by which earned premiums exceed(or fall short of)
the cost of incurred claims and expenses.
Investment Income Income the insurer earns from investing money that
the insurer has received as premium but not yet
earned, as well as money it has set aside as a
reserve to pay claims
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06/03/2017 UnderwritingEssentialsC120Flashcards|Quizlet
$1,000.)
Long-tail problem Losses incurred during the policy period but not
discovered and reported until later
Additional Named Insured Any party, other than the original named insured,
identified as an insured in the policy declarations.
Has more rights under the policy and also more
responsibility
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