Peril the cause of loss - Study guides, Class notes & Summaries

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...

TEST BANK Enterprise Risk Management S - The Marketplace to Buy and Sell your Study Material 1 RSK2601 TEST BANK Question 1 Which one of the following is a benefit of effective risk and opportunity management? 1) Improved profit certainty 2) Increased shareholder value 3) Increased stakeholder confidence Correct option 3 4) Lower economic returns Explanation Improved cost certainty, sustainable shareholder value, increased stakeholder confidence and higher economic returns...

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 ...

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...

Louisiana Personal Lines Insurance Exam Already Graded A+ 104. Coverage for loss by some perils under a building and personal property form is suspended if (Choose from the following options) 1. An uninsured peril causes a partial loss. 2. The insured building is vacant for over 60 days. 3. A loss occurs while a hazard beyond the insured's control is increased. 4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 days 107. In...

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...

Property and Casualty Insurance Mastery Exam A Questions and Answers 100% Pass An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? - Correct Answer ️️ -The loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? - Correct Answer ️️ -Heart-related illness resulting from hereditary causes An insurance policy covers fire, will ...

CPCU 530 II Exam Questions with Correct Answers What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured pro...

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...

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...