Personal pure risk Study guides, Class notes & Summaries

Provides a measure of the maximum potential damage associated with an occurrence - Answer- exposure ________________ is an essential goal for all public entities - Answer- continuity of operations An organization must meet the standard of care that it owes to others in order to ensure that... - Answer- legal obligations are satisfied What are the five steps of the risk management process? - Answer- - scan environment - identify risk - analyze risk - treat risk - monitor and review ...

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 property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Texas Property and Casualty Exam Questions and Answers Verified 100% ____ is uncertainty of loss - risk ____ is a transfer of risk from the insured to the insurer - insurance ____ risk means there is no chance of gain. It is insurable. - pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative a ____ is something that increases the risk. - hazard the principle of _____ governs property and casualty policies. It states that the purpose of th...

N.C. Claims Adjuster Exam Latest 2023 Rated A+ Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date Date of which the loss occurred Identification of parties involved The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s)....

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

CA Life and Health Exam Questions and Answers Already Passed What is insurance? Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. What's the difference between pure risk and speculative risk? Pure risk is when you'll lose it all or there will be no change. Speculative risk you can either win or lose. What is peril? peril is the causes of loss insured against in an insurance policy What is hazard? conditions that increase the pr...

What BEST describes the effect on the patient if you continue to lower a hearing instrument's kneepoint and increase the compression ratio? Choose ALL that apply. A. a lot of gain for soft sounds B. very few speech cues in a crowded party C. little or no gain for moderately loud sounds D. too much amplification in a crowded party - ANSWER-A,B, & C What frequencies would be MOST affected by a head cold? - ANSWER-Low frequencies. 250,500 What is found on the bottom of the ear canal? - ...

Property and Casualty insurance exam Texas Questions with 100% Correct Answers Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk ...

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...