Moral hazards - Study guides, Class notes & Summaries

Arizona Health Insurance Exam Questions and Answers 100% Pass Insurance a contract in which one party (the insurance company) agrees to "make whole" the insured party against loss, damage or liability arising from an unlikely event In ___________ insurance, the policy protects survivors from losses suffered after the insured's death Life Insurance __________ the risk of loss from an individual or business to an insurance company Transfers Risk the uncertainty or chance of a loss occurring ...

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

NYS Insurance Licensing Exam, Questions and answers. Rated A+ Document Content and Description Below NYS Insurance Licensing Exam, Questions and answers. Rated A+ insurance transfers - the risk of an loss for an individual or business to an insurance company which spreads out the costs t o many individuals agency contract - a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the princip...

NYS Insurance Licensing Exam Latest 2023 Graded A insurance transfers the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer agent legal representat...

Specific insurance - ANSWERSThis type of insurance designates a particular item to be insured Blanket insurance - ANSWERSThis type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - ANSWERSpossibility of both gain and loss. Not insurable. Pure - ANSWERSonly the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - ANSWERSavoid, control, retain, and transfer risk. ...

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...

Insurance a contract in which one party (the insurance company) agrees to "make whole" the insured party against loss, damage or liability arising from an unlikely event In ___________ insurance, the policy protects survivors from losses suffered after the insured's death Life Insurance __________ the risk of loss from an individual or business to an insurance company Transfers Risk the uncertainty or chance of a loss occurring Pure Risk situations that can only result in a loss or no ...

AINS 101 | 112 Question with 100 % correct answers | Verified| Updated Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the Direct writer marketing system Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a Contract of a...

Loss Sharing The spreading or pooling of risks over a large group of individuals Risk pooling Same as loss sharing Law of large numbers Science of probability and experience of mortality (death) & morbidity (sickness). The larger and more homogenous the group the more certain the predictions Risk Is defined as uncertainty regarding loss Speculative risk The chance of both loss and gain Pure risk Involve only the chance of loss. Only Pure risk is insurable Peril Is an immediate specific e...

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...