A morale hazard - Study guides, Class notes & Summaries

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...

MNO2603 Assignment 4 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED Answers, guidelines, workings and references .................... New regulations aim to make work life safer and more comfortable for South African employees The Department of Labour has launched new ergonomic regulations which aim to prevent occupational diseases and injuries relating to ergonomic hazards in South African workplaces. Ergonomics is the study of how humans interact with man-made objects. The goal ...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

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...

Perils correct answer: the cause of loss Policy Owner correct answer: the person who has the rights and privileges in the policy Risk correct answer: Uncertainty or chance of loss -Pure Risk(Insurable) -Speculative(Uninsurable) Insured correct answer: the person covered by the insurance policy insurer correct answer: a company that issues an insurance policy Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...

Well-structured MNO2603 Assignment 4 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED.. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). .... New regulations aim to make work life safer and more comfortable for South African employees The Department of Labour has launched new ergonomic regulations which aim to prevent occupational diseases and injuries relating to ergonomic hazards in South African workplaces. Ergonomics is the study of how humans interact with man-made objects. The goal of er...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...

Iowa Crop Insurance Exam All Answers Correct Insurable Interest Economic stake in which a loss would result in financial hardship Risk uncertainly or chance of loss Brainpower Read More Two types of risk Pure and Speculative Pure Risk involves only the possibility of loss or no loss Speculative Risk Chance of loss or gain What type if risk does insurance deal with? Pure Risk Hazard condition that creates or increases the probability of a loss Physical hazard exa...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis 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 Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use Loss o...

CALIFORNIA Life, Accident and Health Final Exam Questions and Answers 100% VerifiedCALIFORNIA Life, Accident and Health Final Exam Questions and Answers 100% VerifiedCALIFORNIA Life, Accident and Health Final Exam Questions and Answers 100% Verified A moral hazard - ANSWER-is a dishonest person (lacking in morals) A morale hazard - ANSWER-a careless person. A peril - ANSWER-is a cause of loss Pure risk - ANSWER-is insurable & includes only a chance of loss.