Property pure risk - Study guides, Class notes & Summaries

If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liability loss C. Employee theft D. Loss of...

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis correct answers A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion correct answers B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liability loss C. Employ...

Property and Casualty Exam - Texas Questions with 100% Correct Answers ____ is uncertainty of loss risk ____ is a transfer of risk from the insured to the insurer insurance ____ risk means there is no chance of gain. It is insurable. pure ____ risk means there is a chance of a loss or a gain. It is not insurable. speculative a ____ is something that increases the risk. hazard the principle of _____ governs property and casualty policies. It states that the purpose...

C11 Principles and Practice of Insurance Latest Update Graded A+ Areas of regulation for Intermediaries Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile Commercial prop...

Casualty or Liability - correct answer refers to your legal responsibility to pay for damage that you do to the "other guy's" body or property. Personal lines insurance - correct answer written to cover the risk exposures of an individual or family (auto, home, boat, camper and RV) Commerical lines insurance - correct answer provide for the insurance needs of a business Named insureds - correct answer On a homeowner's policy, the policy owners(husband and wife) First name insured...

South Dakota Crop Insurance Exam with Certified Solutions Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss th...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer-C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - Answer-A. O...

Three Broad Government Spending Purposes - Answer 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Answer Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - Answer Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Int...

AL P&C Test Questions and Answers & Verified Solutions Latest 2024/2025 (VERIFIED) Which is the best example of an indirect loss? A. Sequential loss B. Liability loss C. Employee theft D. Loss of use - correct answer D. Loss of use AL P&C Test Questions and Answers (Verified Solutions) Latest 2024/2025 Graded A+ - University of Alabama Which is a two party contract? A. Property B. Casualty C. Liability D. Auto - correct answer A. Property Insurance contracts offset A. speculative r...