Webce property casualty - Study guides, Class notes & Summaries

Webce life health Florida Exam with Verified Solutions 2024 Rory's parents offered to buy him a new car to take to college, but Rory turned them down because he was afraid the car would be stolen or damaged if he parked it on campus. In deciding not to own a car, what risk management technique did Rory employ? - Answer -risk avoidance Which of the following is most likely to be an insurable risk? - Answer -The chance that a fire will destroy a building Theodore pays an annual premium to ...

WebCE Property & Casualty Prep Exam questions and correct detailed answers |already graded a+

Webce life health Florida Exam Questions and Answers | Verified & Updated 2024 Rory's parents offered to buy him a new car to take to college, but Rory turned them down because he was afraid the car would be stolen or damaged if he parked it on campus. In deciding not to own a car, what risk management technique did Rory employ? - Answer ️️ -risk avoidance Which of the following is most likely to be an insurable risk? - Answer ️️ -The chance that a fire will destroy a building T...

WebCE Property And Casualty Prep Exam with Correct Solutions 2024 Risk - Answer -Chance of loss 5 Risk or Loss Factors - Answer -1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: - Answer -Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: - Answer -To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before Insura...

WebCE Property & Casualty Prep Exam with correct answers

WebCE Property & Casualty Prep Exam 100% Correct

WebCE Property & Casualty Prep Exam With 100% Correct Verified Answers Risk Correct Answer: Chance of loss 5 Risk or Loss Factors Correct Answer: 1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: Correct Answer: Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: Correct Answer: To indemnify policyholder against covered losses or restore policyholder back to same fin...

Insurance is largely based on statistics, probabilities, and averages Law of Large Numbers Risk Transfer Adverse Selection Peril 1 of 36 Definition Process to determine a risk and at what rate Risk Control Underwriting Adverse Selection Exposure 2 of 36 Definition 1. Covered loss must be defined by time, cause, and location 2. Value of item being insured must be measurable 3. Insured event must be accidental or outside insured's control (loss due to chance) What is Direct and I...

WebCE Property & Casualty Prep Exam (correct answers 2023) Risk - answers-Chance of loss 5 Risk or Loss Factors - answers-1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: - answers-Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: - answers-To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before