Caib 1 chapter 1 - Study guides, Class notes & Summaries

CAIB 1 Chapter 1 Questions with complete solution 2024 Risk - correct answer The chance of financial loss to which an object of insurance is exposed. List the 3 categories of risk generally faced by people. - correct answer Personal, Property and Liability State four possible options people can choose to deal with risk. (explain) - correct answer Avoidance of risk, Controlling of risk, Retention of risk and Transfer of risk Avoidance of risk - correct answer eliminating fina...

Caib 1 Chapter 1 questions / definitions STUDY GUIDE WITH 100% CORRECT ANSWERS

CAIB 1 Chapter 1 (Questions / Definitions) With Complete Solutions

Caib 1 Chapter 1 questions / definitions with 100% correct answersCaib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify th...

CAIB 1 Chapter 1-1Introduction

CAIB 1 CHAPTER 1 KEY TERMS Questions and Answers (2024/2025)(Verified Answers)

Define in pure insurance terms "risk." - Answer- The chance of financial loss to which an object of insurance is exposed. List the three categories of risk generally faced by people. - Answer- Personal - loss of health/life Property - objects Liability - negligent actions result in injury/damage State 4 possible options people can chose to deal with risk and give a brief explanation and example of each. - Answer- Avoidance - all chance of financial loss has been eliminated Controlling...

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...

CAIB 1 - Chapter 1 Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Caib 1 Chapter 1 - Section 2 Checkpoints Questions And Answers With Verified Solutions Already Passed Latest Updated 2024