Legality of object Study guides, Class notes & Summaries

Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses themselves Define "Risk Control" To reduce the frequency or seve...

Insurance Fundamentals Level 1 Exam with 100% Correct Answers 2023 Insurance - Correct Answer-assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - Correct Answer-the cause of a financial loss (ie. fire, water, earthquake) Risk - Correct Answer-the chance of financial loss Purpose of insurance - Correct Answer-to allow the spread of risk of few among many Indemnity - Correct Answer-restoring the insured to the sa...

Fundamentals of Insurance - Practice Exam Questions With 100% Correct Answers Three Main Categories Of Risk - answer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - answerB) Legal Capacity, Legality of Object, Consideration, Agreement...

Fundamentals of Insurance - Practice Exam Questions With 100% Correct Answers Three Main Categories Of Risk - answer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - answerB) Legal Capacity, Legality of Object, Consideration, Agreement...

Three Main Categories of Risk - 1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention What is needed for an agreement to exist? - An offer made; AND an unc...

Three Main Categories Of Risk - Anawer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - AnawerB) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention What is needed for an agreement to exist? - Anaw...

NCCP Examination Study Guide Questions & Answers 2024/25 Contracts - ANSWERSDefine- An agreement or bargain struck between parties in which each party assumes a legal duty to the other party. Requirements- agreement (offer & acceptance), consideration, contractual capacity, and legality. Wills - ANSWERSRequirements- testamentary intent; legal capacity; free of fraud, duress, undue influence, or mistake; and execution (two witnesses + notary = self proving). Trust - ANSWERSRequirement...

FL Exam sec 11 - Real Estate Contracts 12% Questions and Answers 100% Pass Contracts (in general) - Correct Answer ️️ -agreement between two or more parties to do or not to do certain things -valid -contains all valid essentials -void - lacks one essential -voidable - maybe valid or void by one of the parties -enforceable - courts will enforce -unenforceable - courts cannot enforce Authority of real estate licensees to prepare contracts - Correct Answer ️️ -Licensees may not dr...

Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss correct answers-Equipment will not work 100% of the time -certain types of losses such as wind, hail and lightning cannot be effectively controlled People can choose to deal with risk in a variety of ways identify four possible options and provide a brief explanation of each correct answersAvoid the risk - rent rather than buy Control the risk - loss control measures Retain t...

NCCP Examination Study Guide Questions & Answers 2024 Contracts - ANSWER-Define- An agreement or bargain struck between parties in which each party assumes a legal duty to the other party. Requirements- agreement (offer & acceptance), consideration, contractual capacity, and legality. Wills - ANSWER-Requirements- testamentary intent; legal capacity; free of fraud, duress, undue influence, or mistake; and execution (two witnesses + notary = self proving). Trust - ANSWER-Requirements- ...