Planned losses - Study guides, Class notes & Summaries

FAC1601 Assignment 5 (WORKINGS & ANSWERS) Semester 1 2023 () - DUE 12 June 2023 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25477 954 0132 . Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio1:2 respectively. On 31 May 2023 the following information was extracted from the accounting records of the partnership: ...

AZ Life and Health Insurance Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct Q: Methods of Handling Risk: Avoidance, Retention, Sharing, Reduction, Transfer Q: Risk Retention Answer: the planned assumption of risk by an insured through the use of deductibles, co-payments, or self-insurance. It is also known as self-insurance when the insured accepts the responsibility for the loss before the insurance company pays. The purpose of retention is ...

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

CPCU 551 - Addressing Commercial Property Risk Questions And Answers 2023 Condominium A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium unit The portion of a condominium owned solely by a unit owner. Common elements Areas of a condominium that are jointly owned by all unit owners, includin...

RSK 4802 EXAM PACK 2022 JANUARY /FEBRUARY 2016 QUESTION1.1 ai) Risk management is an important process because it empowers a business with the necessary tools so that it can adequately identify and deal with potential risks. Once a risk has been identified, it is then easy to mitigate it. In addition, risk management provides a business with a basis upon which it can undertake sound decision-making. -For a business, assessment and management of risks is the best way to prepare for even...

agent legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured the person covered by the insurance policy; this person may or may not be the policyowner broker an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or t...

Perils: - ️️The causes of loss insured against in an insurance policy. -Life insurance -Health insurance -Property insurance -Casualty insurance Direct response marketing: - ️️A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone, through the mail, or online. This is a perfectly legal approach to selling insurance. It is not mandatory in all situations for the insured to physically sign any documents in order for coverag...

risk - is the chance of financial loss peril - is the caise of financial loss for example- fire water and earthquake what is the main purpose of insurance - is to allow the spread of risk indemnity - means restoring the insureds to the sam financial position as they were in immediately prior to the loss. whose option is to of how they want to settle a claim? - the insurer insurance indemnifies - future and accidental losses only, not the planned losse

Michigan Life and Health Examination (2024/2025) (Certified Solutions) Risk The uncertainty or chance of a loss occurring. The two types are pure and speculative. Pure Risk Refers to a situation that can only result in a loss or no change. There is no opportunity for financial gain. Speculative Risk Involves the opportunity for either loss or gain. Hazards Conditions or situations that increase the probability of an insured loss occurring. Hazards and classified as physical hazard...

RMI 2101 Topic 6 Latest Version Graded A+ Risk Financing deals with sources of funds to pay for external or internal funds Risk transfers of the financing type seek external sources from third parties to finance loss, still have asset or activity exposed to loss transfer financial responsibility for the loss, not the asset or activity itself ex: insurance insurance transfer of the financial responsibility of the loss to the insurer - but not the asset or activity itself Leases ...