CIIN Certificate CF3 Practice Questions - CIIN Certificate CF3 - Insurance Underwriting Process (Nigeria) Exam

Why must an underwriter be aware of material circumstances when assessing a proposed risk?

Material circumstances determine whether the premium can be invested in capital markets Material circumstances are facts that would influence a prudent underwriter's judgment on acceptance and terms Material circumstances only relate to the physical location of insured property Material circumstances are disclosed only after a claim has occurred

Correct Answer:

Material circumstances are facts that would influence a prudent underwriter's judgment on acceptance and terms

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