A morale hazard arise - Study guides, Class notes & Summaries

What is insurance? - correct answer Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individual or business to an insurance company. Insurance transaction - correct answer Solicitation, Negotiations, Sale, Advising an individual concerning coverage or claims. Two kinds of risk - correct answer Pure risk (situation ...

2-15 Insurance License Florida exam | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+ Speculative Risk - Answer -Risk that involves chance of both loss and gain; not insurable Pure Risk - Answer -Risk that involves the chance of loss only, there is no opportunity for gain; insurable Law of Large Numbers - Answer -Basic principle of insurance that the larger the number of individual risks combined into a group, the more certainty there is in predicting the amount o...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...

life insurance - insurance that pays to a named beneficiary or the deceased's estate upon the death of the insured,may b annuity or endowment, may incl benef for accident death/dismemberment, disability, protects against risk pf premature death which exposes a finNcial riskto family or business. ie:burial expenses, pay debts, loss of family inc/business profits insurance - content that indemnifies another against loss, damage, liab arising from unknown event indemnify - make a person whol...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristic of the exposure unit Moral H...

Idaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% CorrectIdaho Life Insurance Exam Questions and Answers 100% Correct What is insurance? - ANSWER-Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individua...

A person who does not lock the doors to his or her house shows an Indifferent attitude. What type of hazard does this represent? - Correct Answer ️️ -Morale. What sublimit in a liability policy puts a ceiling on the payment for all claims that arise from a single accident? - Correct Answer ️️ -Per occurrence. If a manufactured product is unsafe, what type of liability applies to the manufacturer? - Correct Answer ️️ -Strict liability. In property insurance, what is the purpose ...

NC Health Insurance Exam Pearson Vue Latest 2024 Graded A+ Pure Risk - Answer ️️ -chance of loss or no loss but not gain insurable Speculative Risk - Answer ️️ -there is possibility of loss but of gain no insurablility exposure unit - Answer ️️ -subject to loss peril - Answer ️️ -cause of loss life insurance - Answer ️️ -death Health insurance - Answer ️️ -accident and sickness hazard - Answer ️️ -increases the likelihood or severity of loss Three types of ha...

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...

ure Risk Correct Answer: chance of loss or no loss but not gain insurable Speculative Risk Correct Answer: there is possibility of loss but of gain no insurablility exposure unit Correct Answer: subject to loss peril Correct Answer: cause of loss life insurance Correct Answer: death 2 Health insurance Correct Answer: accident and sickness hazard Correct Answer: increases the likelihood or severity of loss Three types of hazard Correct Answer: physical, moral, morale physical haz...