Identify loss exposures Study guides, Class notes & Summaries

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

CISR - Agency Operations Exam 65 Questions with Answers Professional - CORRECT ANSWER One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - CORRECT ANSWER What are the benefits of being ethical? True - CORRECT ANSWER Is this example an ethical issue? Rating a vehicle using the wrong classification No - CORRECT ANSWER Are you allowed to sign for the insu...

TCOR CORRECT ANSWER-Total Cost of Risk Risk Management CORRECT ANSWER-the process of managing uncertainty of exposures that affect an organizations assets 5 steps of risk management process CORRECT ANSWER-Identification, analysis, control, financing and administration Six general classes of risk CORRECT ANSWER-1. Economic 2. Legal 3. Political 4. Social 5. Physical 6. Juridical Four Logical Classifications of Exposures CORRECT ANSWER-A. Property B. Human Resources C. Liability...

Telematics devices allow organizations to accurately identify patterns of risk and predict risk for which one of the following types of loss exposures? A. Automobile B. Property C. Workers compensation D. Business income - ANSWER A Which one of the following is a major benefit that smart insurance contracts can provide to insurance customers? A. Smart contracts can render a risk completely preventable. B. Smart contracts can provide broader coverage at a lower cost. C. Smart contracts ...

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 100% CORRECT Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? -️️ 0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister...

John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - Answer-"Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again -Source of investment funds - Answ...

Test Bank for Advanced Assessment Interpreting Findings and Formulating Differential Diagnoses, 4th Edition, Mary Jo Goolsby, Laurie Grubbs Table of Contents Chapter 1. Assessment and Clinical Decision-Making: Overview ................................................ 2 Chapter 2. An Overview of Genetic Assessment ......................................................................... 5 Chapter 3. Skin ...............................................................................................

Brown RMIN 5100s test 1 Questions and Answers, 2024 Categories of commercial loss exposures -️️ 1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss -️️ -tangible (real estate, personal property) -intangible (patent, copyright) Personnel Loss -️️ death, disability, retirement, injury of employees liability loss -️️ your responsibility for bodily injury, property damage, or financial loss to someone net income loss -️️ reduction in income ...

For public entities such as cities, counties and public utilities, which one of the following is normally the most important post-loss risk management goal? Choose one answer. A. Growth B. Profitability C. Continuity of operations D. Earnings stability -Answer C. Continuity of operations Which one of the following is the goal of enterprise-wide risk management (ERM)? Choose one answer. A. Coordinate loss reduction efforts B. Reduce risk management costs C. Decentralize control of busi...

Economy of Operations - Answer increase departmental and organizational efficiency, pre-loss risk mgmt goal Toerable uncertainty - Answer provide an awareness of potential losses and an assurance of their effective management keeping the worry of accidental loss at a tolerable level (pre-loss risk mgmt goal) Survival - Answer resume operations eventually (post loss risk mgmt goal) Continuity of operations - Answer resume operations quickly (post loss risk mgmt goal) Profi...