Difference between revisions of "Cook.Personal"

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==In Plain English!==
 
==In Plain English!==
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Alice the Actuary likes to drag race her Lamborghini down the city streets of Miami & L.A. She's a glamtastic adrenaline junkie and she has often told me,
 
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: "''Live fast, die young, and leave a beautiful corpse.''"
 
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Unfortunately, that makes it hella hard for her get auto insurance. She's been on the phone for the <u>60 days</u> begging an agent to give her a policy, but no luck. She has no choice but to go to an <u>Assigned Risk Plan</u> ''(ARP)'' also called Auto Insurance Plan ''(AIP)''. These plans must all offer policies with the <u>minimum statutory limits</u>, although the particular insurer may offer higher limits if they wish. Alice declines the higher limits. Even the premiums for the minimum limits are steep.
 
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Alice was still a little worried about being rejected by the ARP because she ''habitually violates the laws (speeding, reckless driving)'' but she managed to squeak by the underwriter. According to Cook, certain drivers are <u>ineligible</u>, even for the ARP, if:
 
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* they don't have a valid driver's licence
 
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* they have a felony conviction within the past 36 months
 
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* they habitually violate the law &nbsp;&nbsp; <span style="color: red;"><== ''that's the one Alice was sweating!''</span>
 
  
 
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Revision as of 03:14, 17 February 2019

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Pop Quiz

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Based on past exams, the main things you need to know (in rough order of importance) are:

  • fact 1...
  • fact 2...
reference part (a) part (b) part (c) part (d)
E (2018.Spring #6) Assigned Risk Plan:
- describe ARPs 		Joint U/W Associations:
- describe JUAs 		operational diff of each
E (2018.Spring #8) see Germani.GovtIns government participation:
- beachfront/windstorm 		FAIR plans:
- rationale, operation
E (2017.Fall #6) JUA vs ARP:
- loss-sharing, volatility 		reinsurance facility:
- opns, servicing, profits
E (2017.Spring #6) rate change disapproved:
- insurer actions 		impact of disapproval:
- on residual market size 		residual vs voluntary mkt:
- policyholder impact
E (2017.Spring #7) reducing insurer risk:
- coverage restrictions 		ARP vs JUA:
- risk assignment 		see NAIC.Telematics
E (2016.Fall #8) high-risk driver programs:
- characteristics 		auto residual market':
- describe 1 program 		FAIR:
- purpose 		FAIR:
- uninsurable risks
E (2016.Spring #8) RF vs JUA:
- why necessary 		RF vs JUA:
- profit allocation 		residual markets:
- why necessary
E (2015.Spring #8) reinsurance facility:
- advantages over ARP 		(b) RF vs JUA similarity
(c) ARP vs JUA similarity 		JUA, RF, ARP
- least preferred 		(e) state A vs B: res. mkt.
(f) state A vs B: insurer actions
E (2014.Spring #8)
E (2013.Fall #10) assignment of ins in JUA, RF & ARP
E (2012.Fall #13) AIP vs JUA argue for a program argue for a program

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In Plain English!

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Memorize:


Conceptual:


Calculational:

POP QUIZ ANSWERS

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