A moral hazard - Study guides, Class notes & Summaries

Primerica Pre-licensing Course Solved Exam |Question and Answers| 100% Correct agent *Ans* legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured *Ans* the person covered by the insurance policy; this person may or may not be the policyowner broker *Ans* an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy *Ans* a contract between ...

RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified Exposures things of value (assets) that could be lost Perils things that cause injury or loss risk a calculated possibility of a negative outcome Frequency the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard a conditio...

FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) PROTECT & ENHANCE the assets of an organization - ANSWER - What is the primary jobs/functions of the chief risk manager? peril - ANSWER - a cause of loss insurance - ANSWER - a mechanism of risk transfer hazard - ANSWER - anything that increases the probability of or severity of a loss physical hazard - ANSWER - a literal obstac...

Commercial Lines 101 CE Questions and Answers 2024 Insurer - Answer -The insurance company Named Insured/Insured - Answer -The policyholder Financial Definition of Insurance - Answer -A financial agreement involving the redistribution of financial losses Legal Definition of Insurance - Answer -A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses Loss Pooling - Answer -the sharing of total losses susta...

Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) types of risk - ANSWER - Pure risk Speculative risk Subjective risk pure risk - ANSWER - Simply no loss or loss *insurance companies only deal with spectulative risk - ANSWER - loss or no loss or potential gain subjective risk - ANSWER - our attitudes towards risk (risk tolerance) *more difficult than pure and spe...

USAA P&C Insurance Adjuster EXAM QUESTIONS CORRECTLY ANSWERED Perils - ANSWER Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - ANSWER Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ANSWER Visible ( operational features of a risk) Moral Hazard - ANSWER Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ANSWER Carelessness or indifference ( attitud...

RMIN EXAM 1 CH 1-4 QUESTIONS & ANSWERS The property and liability insurance industry is characterized by a receptive pattern of loose underwriting standards with low premiums followed by tight underwriting standards with high premiums. This repetitive patter is called the: a. underwriting cycle b. underwriting by exception method c. business cycle d. account underwriting method - ANS-a. underwriting cycle A situation or circumstance in which a loss is possible, regardless of whether a ...

How can Insurance companies can afford to pay for an individual's catastrophic loss? Correct Answer The premiums from all policyholders are pooled together. What information is found on the Declarations page? Correct Answer contains the make and model of the covered vehicle described Steven was denied coverage, a jury decieded in his favor. Why are insurance policies considered "Contracts of Adhesion"? Correct Answer Policy language is open to legal interpretation. Susan is a Doctor,...

Nonmarketability of risks - Inherent I medicine and medical practice health insurance. Moral hazard - behaving differently when you know someone else is taking the risk (induced demand) Adverse selection - The sicker people likely want more insurance (the healthier, less) Pooling of risk - Sharing risk proportionately among many is a basic insurance concept Financing health care in U.S. - •Workarounds •Redundancies •Contradictions (NHEA) - National Health Expenditure Accounts Nati...

Test Bank for Canadian Community as Partner Theory & Multidisciplinary Practice 5th edition By Ardene R. Vollman Chapter 1, Population Health Promotion: Essentials and Essence of Practice 1. The 20th century saw numerous improvements in the health status of people in the developed world. This was primarily attributable to what phenomenon? A. Steady declines in the rate of tobacco consumption B. The development of vaccines against many communicable diseases C. Eradication of microorganis...