Mi insurance - Study guides, Class notes & Summaries

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

Preferred Risk Correct Answer an insurance applicant with a below average likelihood of loss is typically considered to be Conversion Correct Answer Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? Dies instantly from a car accident Correct Answer Matt is applying for life insurance and requests a double indemnity rider. A do...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

What is insurance? correct answer: Insurance 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. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

AIDA 181 (Latest 2024 / 2025 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers | 100% Correct | Grade A Question: Computer output simulating human reasoning best describes which one of the following? Select one: A. Artificial intelligence B. Machine learning C. Deep learning D. Chatbots Answer: A Question: Annette is a claims adjuster with Midwestern Insurance (MI). MI recently invested in and established robotic process automation (RPA) ...

MI Final Insurance Test Questions and Answers

Preferred Risk an insurance applicant with a below average likelihood of loss is typically considered to be Conversion Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? 00:02 01:49 Dies instantly from a car accident Matt is applying for life insurance and requests a double indemnity rider. A double indemni...

Michigan Life And Health Final Exam Questions & Answers, 100% Rated-What amount will be paid under a policy where the insured misstated his/her age? - an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a poli...