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UIUC FIN 341 - FIN 341 Review for the First Exam

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Review for the First ExamFirst Exam When and Where?First ExamSample QuestionsSlide 5Slide 6Slide 7Topics the Exam CoversStudy TipsExam StrategiesReview for the First ExamDescribe ExamReview Major TopicsProvide Study Tipsand Exam StrategiesSample ExamFirst ExamWhen and Where?Tuesday, February 19, 20028:30-9:50 amIf your last name begins: Exam Location: A-G 162 Education H-Z 2 EducationFirst Exam20 Questions in TotalExam is Worth 30 Points.Some True/False or Multiple ChoiceOthers Short Answer or CalculationsExam is Open Book, Open NoteBring Calculator (that you are familiar with using) and Auto and HomeownersSample Questions1. Management of mutual insurers are immune to a hostile takeover by a new owner. T F2. The pure premium is the total of expected claims and expenses on an insurance policy. T FSample Questions3. Preferred Risk Insurance Company wrote auto insurance for teetotalers. What marketing strategy for competitive positioning is this company following?A. Market leaderB. Market challengerC. Market followerD. Market nicherE. Market pricerSample Questions4. Calculate the gross premium using the pure premium method based on the following information:Loss frequency 10%Loss severity $900Fixed expenses $100Variable expenses 50%Sample Questions5. How do you calculate the combined ratio?A. Loss ratio plus loss adjustment expense ratioB. Loss ratio plus expense ratioC. Loss ratio plus expense ratio minus investment income ratioTopics the Exam CoversOverview of Insurance OperationsMarketing and Distribution SystemsUnderwritingClaims AdjustingRatemakingLoss ReservingReinsuranceGuest SpeakerStudy TipsReview Homework Assignments If you have n ot been doing well on the assignments, then you probably need to read the texts (on reserve in Undergrad Library) Review Class ProjectsDo not memorize material, but know where it is located, if you need to look it upHave organized notesExam StrategiesAnswer all the questions you can answer without using your book and detailed notes first. Then, if you have time, use your book and detailed notes to help you answer the remaining questions.Do not get bogged down on a particular question. Skip it and come back, if you have time


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