Exam (elaborations)
ExamFX Oklahoma Property and Casualty-Questions and Answers
- Course
- Institution
ExamFX Oklahoma Property and Casualty-Questions and Answers
[Show more]
Content preview
ExamFX Oklahoma Property and Casualty-Questions and AnswersInsurable Interest - Answer- Something that, if damaged, will cause the insured to incur financial loss
Risk - Answer- Chance of loss occurring
Pure Risk - Answer- Situations that can only result in loss or no change (Insurable)
Speculative Risk - Answer- Involves the opportunity for either loss or gain (Not insurable)
Peril - Answer- The cause of loss insured against by a policy
Hazard - Answer- Conditions or situations that increase probability of an insured loss occurring
Physical Hazard - Answer- Hazard that arises from material, structural or operational features of the riskl
Moral Hazard - Answer- Applications that lie on an application for insurance or have made false claims
Morale Hazard - Answer- An increase in risk arising from the insured's indifference to loss
Indemnity (Reimbursement) - Answer- A provision in a policy that states that in the event of a loss, the beneficiary is permitted to collect only to the extent of the financial loss
Subrogation - Answer- The insurer's legal right to seek damages from third parties after it has reimbursed the insured for the loss
Accident - Answer- A sudden, unplanned and unexpected event resulting in injury or damage
Occurrence - Answer- A broader definition of loss that includes those losses caused by continuous or repeated exposure to risks
Direct Loss - Answer- Direct, physical damage to buildings and/or personal property (Insured)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now