Property and Casualty Insurance Basics
Nebraska Exam | Questions with 100% Correct
Answers | Verified | Latest Update 2026
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a self rating plan underwhich the actual losses during the policy period
determine the final premium
Choose an answer
1 Retrospective rating 2 Credibility
3 Underwriting 4 homogeneity
Don't know?
Terms in this set (95)
, Credibility the degree of accuracy in forecasting future events
based on statistical reporting of past events
Depreciation reduction in value, particularly due to wear and
tear
Earned Premium the portion of premium paid in advance that now
belongs to the insurer because it apples to the
elapsed part of the policy
exposure units used a measure of rating units or the premium base
of a risk
homogeneity the degree to which items are similar
Implied warranty a product is suitable for its intended purpose and
that it fits an ordinary buyer's expectations
inception the date at which the insurance policy goes into
reffect
negligence the failure to use the care that a reasonable,
prudent person would under the same or similar
cirucmstances
obsolescece depreciation in the value of a property due to
becoming outdated
statute a written law passed by a legislative body
Nebraska Exam | Questions with 100% Correct
Answers | Verified | Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
a self rating plan underwhich the actual losses during the policy period
determine the final premium
Choose an answer
1 Retrospective rating 2 Credibility
3 Underwriting 4 homogeneity
Don't know?
Terms in this set (95)
, Credibility the degree of accuracy in forecasting future events
based on statistical reporting of past events
Depreciation reduction in value, particularly due to wear and
tear
Earned Premium the portion of premium paid in advance that now
belongs to the insurer because it apples to the
elapsed part of the policy
exposure units used a measure of rating units or the premium base
of a risk
homogeneity the degree to which items are similar
Implied warranty a product is suitable for its intended purpose and
that it fits an ordinary buyer's expectations
inception the date at which the insurance policy goes into
reffect
negligence the failure to use the care that a reasonable,
prudent person would under the same or similar
cirucmstances
obsolescece depreciation in the value of a property due to
becoming outdated
statute a written law passed by a legislative body
