CISR EXAM PACKAGE DEAL WITH 100% CORRECTLY SOLVED SOLUTIONS.

Risk - condition of either positive or negative uncertainty arising from a given set of cirumstances pure risk - chance of loss or no loss speculative risk - chance of loss, no loss, or gain loss - reduction in asset value exposure - situation, practice or condition that MAY lead to a loss peri...

ITEM #1 - Named Insured, Address, Other Workplaces, and Type of Businesses ITEM #2 - Policy Period ITEM #3 A. - Part one Workers Comp Insurance-- List ALL States in which the insured has KNOWN operations or EXPECTS to have operations-- Activates Workers compensation laws for those states-- Canno...

Select the answer that most closely describes Actual Cash Value (ACV). - A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. Select the answer that most closely describes Functional Replacement Cost. - A provision which...

Types of Stakeholders - managers and employees customers insurers vendors industry associations government Transfer - Insurance: transfer of financial consequence to an insurance company Non Insurance: when a customer transfers financial consequences to another by contract or agreement Reten...

Agency Characteristics - Number of Employees, Locations, Areas of Specialization, AMS used, Local, Regional, National, International Operations, Use of Service Centers. Small Agency - Require staff to fill multiple roles. Mid-Sized Agencies - Staff may be split Large agencies - More Specializati...

A ____ is a cause of loss - Answer peril A situation, behavior, or condition that may lead to adverse financial consequences - Answer exposure A cyberattack is an example of a ____ - Answer peril An Insured who shows no regard for his insured property demonstrates a - Answer morale hazard A spil...

The two major sections of the Homeowners policy are ___________________ & Section II Personal Liability - Answer Section I Property Coverages Combining these two sections provides a ______________________ used to insure loss exposures related to owning, occupying and maintaining _________________...

AP what does liability section provide protection from claims for? - Bodily Injury and Property Damage for which insured is legally responsible for. In BAP physical damage section what type of protection? - provides coverage for damage to or loss of an insured's covered auto. What other BAP cov...

Legal Liability - A responsibility or obligation to others, which courts recognize and enforce. In general failure to meet this duty often results in the imposition of monetary damages. 3 Types of Legal Liability - Tort Liability, Statutory Liability, Contractual Liability 4 Types of Tort Liabili...

Professional - One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - What are the benefits of being ethical? True - Is this example an ethical issue? Rating a vehicle...

Which one of the following best describes actual authority? - When the agency is expressly given authority in the agency contract Which one of the following statements best describes the standard of care an insurance agency owes an insurance company? - Loyalty, good faith, reasonable care and con...