Contractual risk transfer - Study guides, Class notes & Summaries

CPCU 500_ Becoming a Leader in Risk Management and Insurance Exam Prep Questions and Verified Answers_ 100% Correct (New 2023/ 2024 Update) QUESTION The Risk Management Process Answer: 1. Identifying Loss Exposure 2. Analyzing Loss Exposures 3. Examining the Feasibility 4. Selecting 5. Implementing 6. Monitor and Revise QUESTION Analyzing Loss Exposures Answer: Loss Frequency Loss Severity Total Dollar Losses Timing QUESTION Risk Control T...

CISR Agency Operations Self Quiz 50 Questions with Answers Which one of the following best describes actual authority? - CORRECT ANSWER When the agency is expressly given authority in the agency contract Which one of the following statements best describes the standard of care an insurance agency owes an insurance company? - CORRECT ANSWER Loyalty, good faith, reasonable care and contractual duties Which one of the following is not one of the four benefits of ethical behavior? - CORRE...

Solution Manual for Essentials of Business Law and the Legal Environment, 13th Edition, Richard A. Mann, Barry S. Roberts, ISBN-10: 5, ISBN-13: 5180 Table of Contents Part I: INTRODUCTION TO LAW AND ETHICS. 1. Introduction to Law. 2. Business Ethics. Part II: THE LEGAL ENVIRONMENT OF BUSINESS. 3. Civil Dispute Resolution. 4. Constitutional Law. 5. Administrative Law. 6. Criminal Law. 7. Intentional Torts. 8. Negligence and Strict Liability. Part III: CONTRACTS. 9. Introduction to ...

NYS Life, Accident, and Health State Exam Simulator Which of the following can be defined as "the potential for loss"? - Risk Which of the following describes the act of insuring a risk against possible loss? - Risk Transfer A description of a qualified plan's insurance contract may be found in which ERISA reporting form? - Annual Return/Report (Form 5500) Which of the following statements is NOT true concerning the relationship between group health insurance plans and Medicare? (...

CISR - Agency Operations Exam 65 Questions with Answers Professional - CORRECT ANSWER One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - CORRECT ANSWER What are the benefits of being ethical? True - CORRECT ANSWER Is this example an ethical issue? Rating a vehicle using the wrong classification No - CORRECT ANSWER Are you allowed to sign for the insu...

AINS 101 Exam Prep Questions and Answers 100% Pass Loss exposure any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium the price of the insurance coverage provided for a specified period Indemnify to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured any person or organization who is insured under an insurance policy Property-casualty insurance one of t...

Types of Stakeholders - managers and employees customers insurers vendors industry associations government Transfer - Insurance: transfer of financial consequence to an insurance company Non Insurance: when a customer transfers financial consequences to another by contract or agreement Retention - Active: when a customer knows before the loss that they are responsible for all or part of the loss Passive: Whoops! when a client finds out after a loss occurs that they are responsible Wha...

Loss exposure any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium the price of the insurance coverage provided for a specified period Indemnify to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured any person or organization who is insured under an insurance policy Property-casualty insurance one of the two main sectors of the insurance industry encompassing numer...

Loss exposure ️ any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium ️ the price of the insurance coverage provided for a specified period Indemnify ️ to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured ️ any person or organization who is insured under an insurance policy Property-casualty insurance ️ one of the two main sectors of the insurance indus...

annuitied- fixed - equity indexed annuities - Answer-A type of fixed annuity that offers the potential for a higher return than a standard fixed annuity. They are sometimes tied to the Standard and Poor's 500 or the Composite Stock Price Index. A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Answer-risk retention group A survivorship life insurance policy usually covers how many lives? - Answer-2 annuities- 1035 exchan...