Exam (elaborations)
HANE IF1 questions with 100% correct answers
- Course
- Institution
HANE IF1 questions with 100% correct answers
[Show more]
Content preview
HANE IF1 questions with 100% correctanswers
When assessing a property risk, the construction of the property would be considered to be which key
risk component? - correct answer ✔✔Hazard.
Why is risk management important to underwriters? - correct answer ✔✔It reduces the potential for
loss and assists in quantifying risks.
Which category of risk has the three possible outcomes of a loss, a break even or a gain? - correct
answer ✔✔A speculative risk.
In relation to general insurance, to be insured a risk must be - correct answer ✔✔fortuitous.
In terms of frequency and severity, the risk of an explosion aboard an oil rig is classed as - correct answer
✔✔low frequency, high severity.
A hazard is defined as something which - correct answer ✔✔can adversely affect the risk to be insured.
From an insurer's point of view, risk can be defined as the - correct answer ✔✔possibility of loss.
In relation to insurance, a peril is - correct answer ✔✔an event which may give rise to a loss.
What is the presence of flammable composite panels in the construction of a factory building best
described as? - correct answer ✔✔A hazard.
In terms of frequency and severity, the risk of motor accidental damage losses occurring during a winter
freeze are classified as - correct answer ✔✔high frequency, low severity.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now