Direct vs indirect loss - Study guides, Class notes & Summaries

CMN 140 Exam1, CMN 140 Exam 2, CMN 140 Final 194 Questions with Verified Answers "Hardware" vs "Software" of the brain - CORRECT ANSWER *Hardware:* -Biological organ of communication -Computation is processed in gray matter -> e.g. how info is processed in the brain -Info is transmitted via white matter *Software:* -The brain gives rise to the mind -Some programs are innate (e.g. capacity for language) -Some are learned (e.g. English language) *There is a deep physical connecti...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

South Dakota Crop Insurance Exam with Certified Solutions Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss th...

Massachusetts Insurance Agent License Exam Latest Update with Certified Solutions What are the two components of an agreement? Offer and acceptance. Elements of a legal contract 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Property and Liability Policy Owned by the policy owner. It is a personal contract. Who is not considered to have legal capacity? 1. Minors 2. Insane Persons 3. Individuals Under the Influence 4. Person Coerced 5. Enemy Aliens 6. Convic...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

Automatic Reinforcement - ANSWER-reinforcement that occurs independent of the social mediation of others (often sensory). This is assumed when a behavior persists in the absence of any known reinforcement. Conditioned Reinforcer - ANSWER-a stimulus that has acquired reinforcing properties through prior learning/species history. Generalized Conditioned Reinforcer - ANSWER-A conditioned reinforcer that as a result of having been paired with many other reinforcers does not depend on an establ...

Property And Casualty Insurance Exam With Correct And Verified Solutions 2024 Insurance - correct answer.Transfer of risk form a person or business to an insurer Loss - correct tainty/possibility of a loss Speculative vs pure risk - correct answer.Speculative - chance of loss or gain Pure - only chance of loss Exposure - correct for which the insurance company would be liable Peril - correct of loss Direct vs Indirect loss - correct answer.Direct - physical l...

Insurance - Answer Transfer of risk form a person or business to an insurer Loss - Answer uncertainty/possibility of a loss Speculative vs pure risk - Answer Speculative - chance of loss or gain Pure - only chance of loss Exposure - Answer risks for which the insurance company would be liable Peril - Answer cause of loss Direct vs Indirect loss - Answer Direct - physical loss Indirect - consequence of the direct loss (having to pay for a hotel if house burns down) Hazard (3 t...

CIPS L4M2 Defining Business Need questions with answers 2023 rated A+Fixed Cost (FC) Costs that remain the same irrespective of business activity or volume Variable Cost (VC) Costs that vary with the level of output Market Factors Objectives Drivers Governance Ownership Commodity or Non-Commodity Break-Even Point (BEP) When total costs are equivalent to sales revenue (after this, it is profit) Solving a Problem SCAMPER Substitute Combine Adapt Modify P...