A morale hazard arise - Study guides, Class notes & Summaries

Nebraska Life and Health Insurance Exam Questions and Answers Already Passed What is Insurance? a contract in which 1 party (insurance company) agrees to indemnify (make whole) the insured party against loss, damage, or a liability arising from an unknown event. What is life insurance? a policy that protects survivors from losses suffered after an insured's death What does insurance do? transfers the risk of loss from an individual or business entity to an insurance company whi...

NC Health Insurance Exam Pearson Vue Latest 2024 Graded 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 ha...

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

Define: Insurance - Answer A contract that indemnifies another against loss, damage, or liability arising from an unknown event. Define: Indemnify - Answer To make a person whole by restoring that person to the same financial position that existed before the loss. Define: 1. Policy-owner, 2. Premium, and 3. The Insurer - Answer 1. The insured individual 2. Set amount of money paid to insurer 3. The company providing the insurance The name for the agreement between the insurer an...

California Life-Only Study Guide with 100% Complete Solutions What does insurance do? - Correct Answer ️️ -transfers the risk of loss from an individual/ business entity to an insurance company, which then spreads the costs of unexpected losses to many individuals What is insurance? - Correct Answer ️️ -the legal agreement/ contract whereby the 2 parties involved agree to the limits of the indemnification, the circumstances under which it will occur and what things of value (consi...

Speculative Risk correct answersRisk that involves chance of both loss and gain; not insurable Pure Risk correct answersRisk that involves the chance of loss only, there is no opportunity for gain; insurable Law of Large Numbers correct answersBasic principle of insurance that the larger the number of individual risks combined into a group, the more certainty there is in predicting the amount of loss that will be incurred in any given period. Elements of Insurable Risk correct answersLo...

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

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristic of the exposure unit Moral H...

Solution Manual for Risk Management And Insurance 12th Edition James Trieschmann Sandra Gustavson Sandra Gustavson, Robert Hoyt Sandra Gustavson, Robert Hoyt, David Sommer-1. Risk can be defined as uncertainty as to loss. Risk can create an economic burden by requiring reserve funds to pay for contingent losses and price increases of some goods and services. Risk may deprive society of some goods and services that are determined to involve too much risk to justify their production. 2. a. Pur...

Life & Health Insurance Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -transfer of risk Speculative risk - Correct Answer ️️ -has a possibility of both loss and gain Pure risk - Correct Answer ️️ -only has a possibility of loss (no gain) Exposure - Correct Answer ️️ -risks for which an insurance company would be liable expressed in units Peril - Correct Answer ️️ -cause of a loss Hazard - Correct Answer ️️ -an increase in the chance of loss M...