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WGU C16 BUSINESS OF INSURANCE EXAM 2024 ACTUAL EXAM COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$17.99
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wgu c16 business of insurance
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WGU C16 BUSINESS OF INSURANCE EXAM 2024 ACTUAL
EXAM COMPLETE 250 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
Business income loss exposure - ANSWER: Income can be lost when property
damage or destroyed
An insurance practitioner should understand how
business income losses are measured
how business interruption affects expenses
Property and perils that business income loss is can involve
Business Income Insurance - ANSWER: Insurance that covers the reduction in an
organization's income when operations are interrupted by damage to property
caused by a covered peril
Measurement of business income loss
"time element coverage" also a "business interruption coverage" - ANSWER: Because
the loss of business income results from the interruption of the insureds business
Business income insurance covers the reduction in a firms net income caused by
accidental property damage
This reduction can be calculated by subtracting the amount of net income that a firm
actually earned in a period of interruption from the amount of net income that the
firm could reasonably have been expected to earn
Business income loss equals the difference between the expected net profit amount
or loss versus the actual net profit amount or loss
Net Income - ANSWER: the difference between total revenue such as money
received for goods or services and total expenses merchandise paid for merchandise
rent and insurance
Revenues minus expenses equals net income
profit - ANSWER: net income That results when revenues exceed expenses
net loss - ANSWER: Net income that results when expenses exceed revenues
Effect of a business interruption on expenses - ANSWER: During a business
interruption some of the organizations expenses: continue expenses will continue
then other expenses called Non continuing expenses will not continue
, A business can also for extra expenses during a business interruption all changes in
expenses must be considered when measuring a business income loss
Continuing expenses - ANSWER: Expenses that continue to be incurred during a
business interruption
Non-continuing expenses - ANSWER: Expenses that will not continue during a
business interruption
Continuing expenses - ANSWER: Business is interrupted for only a short period of
time payroll of Key employees debt replacement taxes insurance and many other
expenses will continue during the interruption
A longer period of time workers Can be laid off Taxes can be reduced or eliminated
and insurance premiums are smaller
If an organization generates no revenue during a business interruption is business
income loss will be it's lost profit for that period of time plus the continuing expenses
for that. But any extra expenses in many cases a company continue expenses exceed
the profit that the company would have earned during the period
Extra expenses - ANSWER: Expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption.
Examples of extra expenses - ANSWER: In order to re-open an assembly line that had
been shut down because of an explosion a factory owner pays additional cost of
overtime labor and overnight air shipment of repair parts
After sustaining fire damage to his warehouse a wholesale distributor rent a similar
warehouse and continues operation within two weeks instead of shutting down
entirely for several months
To continue classes while elementary school building is rebuilt following hurricane
damage school district rent mobile classrooms and puts it on the school playground
Property and perils involved in business income losses - ANSWER: Attendance
operation can be interrupted by damage to the building in which the tenant is
located even though the part of the building the tenant occupied has not been
damaged
An explosion that deliberate heating air-conditioning and ventilating equipment
makes offices unsealed high rise buildings in a team noble and very hard very cold
weather even though the office is themselves are not damaged
Loss for business income associate with property exposures are typically the same as
those are physical damage losses like a fire wind storm damage the property
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