AINS 101 2024 Questions And Answers Rated A+ New Update Assured Satisfaction
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Course
AINS 101 2024
Institution
AINS 101 2024
Risk - Answer-Uncertainty about outcomes, can be positive or negative
- Risk management is concerned with both positive and negative, insurance alleviates the uncertainty
associated with negative financial consequences
Transferring - Answer-The act of moving the financial consequences of unantic...
AINS 101 2024 Risk - Answer -Uncertainty about outcomes, can be positive or negative - Risk management is concerned with both positive and negative, insurance alleviates the uncertainty associated with negative financial consequences Transferring - Answer -The act of moving the financial consequences of unanticipated events to an insurer Pooling - Answer -All insureds share the cost of each other's losses. - Helps to keep premiums affordable and helps insurers cover large losses when they occur The Benefits of Insurance - Answer -1. Paying for losses 2. Managing cash flow 3. Complying with legal requirements 4. Promoting risk control activities Personal Property Insurance - Answer -Protects an insured's assets by covering the cost of repairing or replacing property that is damaged, lost, or destroyed. Can cover related lost income or extra expenses Personal Liability Insurance - Answer -Provides payments for injury to others or damage to other's property for which the insured is legally responsible. It also covers the cost to defend the insured against related lawsuits Life Insurance - Answer -Replaces the income -earning potential lost through death. Helps pay expenses related to an insureds death Health Insurance - Answer -Protects individuals and families from financial losses caused by sickness and accidents Homeowners Insurance - Answer -Provides Protection when people's homes and/or belongings are damaged or stolen and liability coverage for situations such as the family dog biting a guest
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