Planned losses - Study guides, Class notes & Summaries

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

Nebraska Life and Health Insurance Exam Questions and Answers Already Passed What is Insurance? a contract in which 1 party (insurance company) agrees to indemnify (make whole) the insured party against loss, damage, or a liability arising from an unknown event. What is life insurance? a policy that protects survivors from losses suffered after an insured's death What does insurance do? transfers the risk of loss from an individual or business entity to an insurance company whi...

Insurance correct answer: protects from loss; transfer of risk Risk correct answer: uncertainty or chance of loss occurring Pure risk correct answer: can only result in loss and no gain; what insurance companies are willing to accept Speculative risk correct answer: opportunity for either loss or gain; like gambling Exposure correct answer: units of measure used to determine rates charged for insurance coverage (age, occupation, medical history and sex) Homogeneous correct an...

1) A family's automobile that is a total loss as a result of a collision is an example of which of the following types of risk? I. Speculative risk II. Diversifiable risk A) I only B) II only C) both I and II D) neither I nor II - B 3) Which of the following statements about chance of loss and risk is (are) true? I. If the chance of loss is identical for two groups, the objective risk must be the same. II. Two individuals may perceive differently the risk inherent in a given activity....

Test Bank for Microeconomics, 3rd Canadian Edition 3ce by Glenn Hubbard, Anthony Patrick OBrien. Full Chapters test bank included 1 Economics: Foundations and Models Economics in Your Life and Career: How Much Will You Pay for a Cup of Coffee? Three Key Economic Ideas People Are Rational People Respond to Incentives Apply the Concept: Does Canada’s Health Care System Contribute to Obesity? Optimal Decisions Are Made at the Margin Solved Problem: 1.1 Binge Watching and Decisions at...

FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE SPREAD OF RISK INDEMNITY - ANSWERS 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? - ANSWERS THE INSURER INSURA...

FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE SPREAD OF RISK INDEMNITY - ANSWERS 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? - ANSWERS THE INSURER INSURA...

Washington State Insurance Exam with Complete Solutions Apparent is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing A method of dealing with risk for a group of in...

refers to the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of no change in the underlying conditions - Objective Probability a method other than insurance by which a pure risk and its potential financial consequences are transferred to another - Non-insurable transfer a specified amount subtracted from the loss payment otherwise payable to the insured - Deductable Uncertainty concerning the occurrence of an event (usually a loss...

Income Statement correct answers Report that measures the success of company operations for a given period of time. It provides investors and creditors with information that helps them predict the amounts, timing, and uncertainty of future cash flows. Usefulness of the Income Statement correct answers 1) Evaluate the past performance of the company. 2) Provide a basis for predicting future performance. 3) Help assess the risk or uncertainty of achieving future cash flows. Limitations of ...