Ains 21 - Study guides, Class notes & Summaries

AINS 21 First Exam | 164 Complete Questions and Answers 100% Correct | New Update 2024

AINS 21 EXAM LATEST UPDATED GRADED A +

AINS 21 practice exam graded A 2024

AINS 21 practice exam Questions and Answers 2024

AINS 21 - Segment A with Complete Solutions

AINS 21 Segment B (Chapters 4-6) Questions and Answers 100% Correct

AINS 21 | 276 Questions and Answers 100% Solved Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control technique that reduces the frequency of a particular loss Loss Reduction - A risk control technique that reduces the severity of a particular ...

AINS 21 Glossary | 286 Questions and Answers 100% Solved loss exposure - any condition or situation that presents the possibility of a loss law of large numbers - a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exposure units also increases exposure unit - a measure of the loss exposure assumed by the insurer, used in pricing insurance propert...

when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics Which of the following statements is correct regarding characteristics of ideally insurable loss exposures - ideally, loss exposures should be spread across a large number of similar exposure units within the same period The type of insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury is ...

AINS 21 | 164 Questions and Answers 100% Solved What is insurance? - It's a transfer system, business, and contract. What is a transfer system in insurance? - One party (the insured), transfers the risk of financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone else so that I can keep my financial standing.] What are covered losses? - These are costs that insurers pay for and are in the contract that both parties agree to in th...