Business Finance
SEU Methods of Setting Premium Rates in Insurance Companies Discussion

ACCT 424

Saudi electronic university

ACCT

Question Description

I need an explanation for this Accounting question to help me study.

Need a hand with Accounting assignment , requirements are Avoid plagiarism with a proper referencing in APA style

All other requirements are listed on the attached file please have a look before.

Unformatted Attachment Preview

Assignment 1  The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.  Assignments submitted through email will not be accepted.  Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.  Students must mention question number clearly in their answer.  Late submission will NOT be accepted.  Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.  All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).  1 Submissions without this cover page will NOT be accepted. Assignment Question(s): (5 Marks) Q1. Discuss methods of setting premium rates in insurance companies (Manual rating, merit rating, judgement rating) (1 Marks) Answer: Q2. Identify any two insurance companies in Kingdom of Saudi Arabia and explain any two insurance products offered by them. Your answer should be based on following points: (2 Marks) i. Name of the Company ii. Type of Insurance iii. Premiums iv. Significant features of the insurance product Answer: Q3: Discuss in detail the various functions involved in “Transaction Cycle” with suitable examples. Answer: 2 (2 Marks) ...
Purchase answer to see full attachment
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

Assignment 1


The Assignment must be submitted on Blackboard (WORD format
only) via an allocated folder.



Assignments submitted through email will not be accepted.



Students are advised to make their work clear and well presented.
Marks may be reduced for poor presentation. This includes filling
your information on the cover page.



Students must mention the question number clearly in their answer.



Late submission will NOT be accepted.



Avoid plagiarism, and the work should be in your own words.
Copying

from

students

or

other

resources

without

proper

referencing will result in ZERO marks. No exceptions.


All answered must be typed using Times New Roman (size 12,
double-spaced) font. No pictures containing text will be accepted
and will be considered plagiarism).



1

Submissions without this cover page will NOT be accepted.

(5

Assignment Question(s):
Marks)

Q1. Discuss methods of setting premium rates in insurance companies (Manual rating, merit
rating, judgement rating)

(1 Marks)
INSURANCE

According to Billman et al. (2020), insurance pricing is the concept used by insurance
companies to determine the rate premium charged on specific covers. Many insurance companies use
the following method to determine their premium: merit rating, judgment rating, and manual rating.
These standard methods are described as follows:


Manual rating- under this method, the insurance company determines its insurance premium

based on specific units of covers (Billman et al., 2020). The insurance firms establish their premiums
by utilizing the average claim data from number numbers of categories. Further, a considerable
number is then adjusted to resemble particular insurance groups created to differentiate specific
groups.


Judgment rating- under these approaches, premium rates are established by conducting an

evaluation separately for each acquaintance. Several insurance companies utilize the knowledge of
underwriters to determine premiums. The underwrite...

TutorLarra (21173)
UCLA

Anonymous
The tutor was pretty knowledgeable, efficient and polite. Great service!

Anonymous
Heard about Studypool for a while and finally tried it. Glad I did caus this was really helpful.

Anonymous
Just what I needed… fantastic!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4