Risk chance of loss - Study guides, Class notes & Summaries

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct an...

BSN 266 HESI Med Surg Practice Exam Version 2 (2024 / 2025 Update) Questions and Verified Answers with Rationales | 100% Correct | Grade A - Nightingale Q: What types of medications should the nurse expect to administer to a client during an acute respiratory distress episode? A. Vasodilators and hormones. B. Analgesics and sedatives. C. Anticoagulants and expectorants. D. Bronchodilators and steroids. Answer: D. Bronchodilators and steroids. Rationale Besides supplemental oxygen, this client wi...

CPCU 500,Becoming a Leader in Risk Management and Insurance Exam | Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update) Q: Which one of the following is an element of a loss exposure? Choose one answer. A. The verification of risk B. A cause of loss C. The probability of a loss D. The occurrence of a loss Answer: B. A cause of loss Q: The statement "There is a 5 percent chance that John will be injured in an automobile accident while drivi...

Risk - Answer The chance or uncertainty of loss. Exposure - Answer A condition or situation that presents a possibility of loss. Ways to manage risk - Answer Avoid Risk control risk retain a risk transfer a risk control risk - Answer techniques that limit loss severity come under the heading of risk reduction retain a risk - Answer if any loss occurs, they will pay for it themselves can be intentional or unintentional Transfer a risk - Answer Insurance hold ...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer- C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - Answer- A....

Pure Risk - Answer chance of loss or no loss but not gain insurable Speculative Risk - Answer there is possibility of loss but of gain no insurablility exposure unit - Answer subject to loss peril - Answer cause of loss life insurance - Answer death Health insurance - Answer accident and sickness hazard - Answer increases the likelihood or severity of loss Three types of hazard - Answer physical, moral, morale physical hazard - Answer arise from the inhe...

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...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

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 ...