Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Conditions precedent to liability - require the insured to give notice of an event happening within a specified period of time
Representation - A statement (which has a bearing on the risk), regardless of whether made in writing or verbal, by the person requesting insurance is called a representation.
Warranty - A promise, assurance or guarantee made by the policyholder.
Expense ratio - The ratio of expenses to premium.
Loss ratio - The ratio of claims paid to the amount of premium.
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