What does indemnify mean - Study guides, Class notes & Summaries

A person who does not lock the doors to his or her house shows an Indifferent attitude. What type of hazard does this represent? - Correct Answer ️️ -Morale. What sublimit in a liability policy puts a ceiling on the payment for all claims that arise from a single accident? - Correct Answer ️️ -Per occurrence. If a manufactured product is unsafe, what type of liability applies to the manufacturer? - Correct Answer ️️ -Strict liability. In property insurance, what is the purpose ...

C11 - Principles & Practice Questions with Verified Answers What are the 3 general types of risk? People are risk! Personal, Property, Liability What does "insurance" mean? When something gets crumpled, Indemnify! Indemnification, Risk, Money, Perils, Loss, Exposure How does insurance provide security? It WIIPs risks ***********! Worries, Inconvenience, Indemnification, Premiums What do risk managers do? They eat kIMChi! Identify, Measure, Control How does the insurance ind...

Wisconsin Casualty/Accident and Health Insurance Final Exam 2024 A situation in which a person can experience only a loss and no gain presents what type of risk? - CORRECT ANSWER-Pure Risk A tornado that destroys a property would be an example of what? - CORRECT ANSWER-Peril What type of authority is based on the agent's actions, or words? - CORRECT ANSWER-Apparents If an insurer holds a Certificate of Authority, it is know as what type of insurer? - CORRECT ANSWER-Authorized or ad...

Georgia Property and Casualty Exam Study Questions with Complete Solutions Latest Updated 2024/2025 Insurance Terms and Related Concepts. What is insurance? - Correct Answer transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? - Correct Answer the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts....

Property and Casualty License in Arkansas Health Insurance Company :Complete Exam 2024 What is Insurance? - CORRECT ANSWER-Transfers the risk of loss from individual to insurance co. What is Risk? - CORRECT ANSWER-Chance of loss occuring What are 3 types of Hazzards? - 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...

Insurance Terms and Related Concepts. What is insurance? CORRECT ANSWER transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? CORRECT ANSWER the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts. What are the 3 types of hazards? CORRECT ANSWER Physical, moral and morale. Insurance Terms and Rela...

What are the 3 general types of risk? : PeoPLe are risk! Personal, Property, Liability What does "insurance" mean? : When something gets cRuMPLEd, Indemnify! Indemnification, Risk, Money, Perils, Loss, Exposure How does insurance provide security? : It WIIPs risks ***********! Worries, Inconvenience, Indemnification, Premiums What do risk managers do? : They eat kIMChi! Identify, Measure, Control How does the insurance industry contribute to loss prevention? : It DiPs to RId us of R...

Property and Casualty License in Arkansas Exam Questions and Answers 100% Pass What is Insurance? - Correct Answer ️️ -Transfers the risk of loss from individual to insurance co. What is Risk? - Correct Answer ️️ -Chance of loss occuring What are 3 types of Hazzards? - 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 ex...

What is Insurance? - Transfers the risk of loss from individual to insurance co. What is Risk? - Chance of loss occuring What are 3 types of Hazzards? - Physical, Moral, Morale What is a Peril? - Causes of loss insured against What does Indemnify mean? - Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - Right to seek damages from 3rd party so that the insured cannot collect 2xs. What is an accident? - Sudden unplanned event resulting i...

The reduction, decrease, or disappearance of value of a person or property insured in a policy? - correct answer Loss What is negligence? - correct answer failure to use ordinary or reasonable care Does a party need to prove negligence under absolute liability? - correct answer No, absolute liability exists when condition is inherently dangerous. What does indemnify mean in insurance? - correct answer To restore insured to same financial status before a loss. How is ACV calculated? -...