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Loma 281: Module 1 Lesson 1 Correct 100%(RATED A+) $14.99   Add to cart

Exam (elaborations)

Loma 281: Module 1 Lesson 1 Correct 100%(RATED A+)

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  • Loma 281:

Risk - ANSWER the possibility of an unexpected loss speculative risk - ANSWER can result in a gain, a loss four risk management techniques - ANSWER avoid the risk control the risk accept the risk transfer the risk Parties involved in insurance transaction - ANSWER applicant policyowner ...

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  • August 31, 2024
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  • 2024/2025
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  • Loma 281:
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Loma 281: Module 1 Lesson 1
Correct 100%(RATED A+)
Risk - ANSWER the possibility of an unexpected loss



speculative risk - ANSWER can result in a gain, a loss



four risk management techniques - ANSWER avoid the risk

control the risk

accept the risk

transfer the risk

Parties involved in insurance transaction - ANSWER applicant

policyowner

insured

beneficiary



characteristics of an insurable risk - ANSWER the risk must be a pure risk

loss must occur by chance

loss must be definite in time and amount

the loss must be significant

the loss rate must be predictable

loss cannot be catastrophic to the insurer




Risk Pooling - ANSWER spreading the cost of the relatively few anticipated losses among all insured.




underwriters - ANSWER evaluate proposed risks and assign them to classes

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