Personal pure risk - Study guides, Class notes & Summaries

RMI 2101 Exam 1 Latest Version Graded A+ Risk Uncertainty about future losses No uncertainty= no risk Probablilty of a loss -Likelihood of a loss - Range from 0-1 or 0% to 100% Common Elements of pure risk and speculative risk _Involve uncertainty Differences in Pure and Speculative risk -Difference is in the outcomes or "possible future state of world" Pure Risk Possible Outcomes Loss No loss Speculative Risk Outcomes Loss, No loss, gain Pure Risk Examples Natu...

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

Florida 2-15 Insurance Exam Review 100 Questions with Verified Answers. In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur ️ C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risk...

Casualty or Liability - correct answer refers to your legal responsibility to pay for damage that you do to the "other guy's" body or property. Personal lines insurance - correct answer written to cover the risk exposures of an individual or family (auto, home, boat, camper and RV) Commerical lines insurance - correct answer provide for the insurance needs of a business Named insureds - correct answer On a homeowner's policy, the policy owners(husband and wife) First name insured...

RMI 2302 FSU NYCE EXAM 1 (Q&A) LATEST UPDATE ALREADY PASSED Risk Likelihood Frequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized High - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact Severity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to what? Frequency of losses ...

Types of Insurance Life, Health, Disability, Property, Long-Term care, Personal liability Categories of Risk Pure Speculative Subjective Objective Fundamental Particular Nonfinancial Financial Pure Risk There is a chance of loss or no loss. Examples: death, auto accident, house fire

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...

What BEST describes the effect on the patient if you continue to lower a hearing instrument's kneepoint and increase the compression ratio? Choose ALL that apply. A. a lot of gain for soft sounds B. very few speech cues in a crowded party C. little or no gain for moderately loud sounds D. too much amplification in a crowded party - ANSWER-A,B, & C What frequencies would be MOST affected by a head cold? - ANSWER-Low frequencies. 250,500 What is found on the bottom of the ear canal? - ...

C11 Principles and Practice of Insurance Latest Update Graded A+ Areas of regulation for Intermediaries Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile Commercial prop...

2-20 Florida Insurance Exam Questions and Answers 100% Pass Pure Risk - Correct Answer ️️ -a situation that presents the opportunity for loss, but no opportunity for gain. due to physical damage or bodily injury. Ex. Fire Loss- not anticipated but poss. Speculative Risk - Correct Answer ️️ -We speculate or have uncertainty about an event under consideration that could produce either profit or loss. Ex. Lottery or Betting Policy - Correct Answer ️️ -Written contract or agreem...