Which of the following statements about an excess insurance plan is true?

Insurance

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Which of the following statements about an excess insurance plan is true?

A) The insurer does not participate in a loss until it exceeds the amount the firm has decided to retain.

B) The insurer pays first up to some specified level; the insured then pays all losses exceeding the insurer’s retention level.

C) Losses in excess of a specified amount are not covered.

D) The insured and insurer share equally in any loss that occurs.

Answer: A) The insurer does not participate in a loss until it exceeds the amount the firm has decided to retain.

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