Define pure risk - Study guides, Class notes & Summaries

1. Explain the impacts of an effective Risk Management program on an orga- nization (6): 1. protects organization's reputation/brand 2. Increases profitability 3. Raises awareness of risk management 4. supports managerial objective 5. Improves morale and productivity 6. Improves quality, process and technology 2. Define Traditional Risk Management (TRM).: a functional, siloed, view of risk affecting one or more areas of the organization (focuses on pure risk) 3. Define Enterprise Risk Man...

Drones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? - Answer- Lidar AMRM Insurance Company sells insurance in Virginia, North Carolina, South Carolina, and Georgia. The company has compiled a policyowner data base that can be used to send text messages when hurricanes approach. The company provides early warnings, storm updates from the National Weather Service, and hurricane safety measures. The company ...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

Property/Casualty Illinois for State Exam Latest Update Graded A+ ISO (Insurance Services Office) ISO creates standardized property and casualty insurance policies that are approved by states and used as a standard policy for insurers. -they can be modified to comply with state regulations -may be modified to a degree for insurance companies to create their own policy form define insurance Insurance transfers the risk of loss from an individual or business entity to an insurance c...

Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses themselves Define "Risk Control" To reduce the frequency or seve...

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...

CAIB 1 - Chapter 1 Questions and Answers Rated A+ Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses the...

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...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...

AL P&C University of Alabama Study Guide Questions and Answers Rated A+ 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...