Loss exposures - Study guides, Class notes & Summaries

The Occurrence form it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. The Supplemental Extended Reporting Period The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. Product liability would cover Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perf...

The most critical course of action in restoration during is to _______ an begin __________ as soon as possible respond quickly & mitigation All restorers should follow the standard of care for the water restoration profession developed by the restoration industry entitled the IICRC ____. s500 to help protect technicians from the many hazards associated with contaminated water losses restorers need to have ready access to several items. these items protect for all _________________ to the...

RSK4803 Assignment 3 Semester 2 2024 | Due 7 October 2024. All questions answered with references. Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. (2) a. The chief executive officer held that the responsibility of risk management would be to assess, control and...

Florida 2-20 Agents License Exam Questions and Answers 2023 Graded A The Florida Surplus Service Lines Office (FSLSO) was created to oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: Pays insurance claims Once license, you have how long to obtain an appointment? 48 months Which of the ...

Question 1 22 marks 1.1 In a management meeting, it was decided that the company needs to establish the risk management function. However, there were different views about the main objective of risk management. Choose the correct view about the responsibility of risk management. a. The chief executive officer held that the responsibility of risk management would be to assess, control and finance critical risks facing the organisation and report the outcomes to the board. b. The chief f...

AINS 101 EXAM / 80+ QUESTIONS AND VERIFIED ANSWERS 2023/2024 / GRADED A+. AINS 101 1. The two main sectors of the insurance industry are: Property-casualty insurance and life-health insurance. 2. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a: Contract of utmost good faith. 3. Earned premiums are shown on an insurer's income statement because they are: Revenues 4. De...

Water Restoration Technician IICRC: IICRC WRT Certification Exam Questions & Answers 2024/2025The most critical course of action in restoration during is to _______ an begin __________ as soon as possible (Ans- respond quickly & mitigation All restorers should follow the standard of care for the water restoration profession developed by the restoration industry entitled the IICRC ____. (Ans- s500 to help protect technicians from the many hazards associated with contaminated water losses r...

categories of commercial loss exposures (4) - 1. property 2. personnel 3. liability 4. net income commercial property loss exposures - type of property causes of loss to property financial consequences of property losses commercial property coverage part types of property - real and personal real property - land & buildings, all property permanently attached to buildings, driveways, sidewalks, underground piping, etc, plumbing, wiring, HVAC personal property - all property that is not...

What is a peril? - Answer A Peril is a cause of loss What is a hazard? - Answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Answer Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Answer Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? - Answer A Peril What are the ele...

risk management - Answer-the process of managing exposures to accidental losses risk management steps - Answer-identifying loss exposures; analyzing loss exposures; examining the feasibility of risk management techniques; selecting the appropriate risk management techniques; implementing the selected risk management techniques; monitoring results and revising the risk management program techniques for identifying loss exposures - Answer-physical inspection; loss exposure surveys; loss hist...