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.

IC01 PRINCIPLES OF INSURANCE

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