NJ Property State Exam With 100% Correct Answers 2023
11 views 0 purchase
Course
Nj property and casualty
Institution
Nj Property And Casualty
NJ Property State Exam With 100% Correct Answers 2023
NJ Property State Exam With 100% Correct Answers 2023
Risk
the chance or uncertainty of loss
Risk
used within the insurance industry to refer to the subject of the insurance policy
Possibility of loss
the concept of risk involves ____...
NJ Property State Exam With 100% Correct
Answers 2023
Risk
the chance or uncertainty of loss
Risk
used within the insurance industry to refer to the subject of the insurance policy
Possibility of loss
the concept of risk involves ___________________
Insurance
a formal social device used to accomplish the transfer of risk from an insured to the
insurer
Insurance policy
a legal contract in which the premium paid represents a small certain cost exchanged
so that the insurer will cover the possibility of a large financial loss
pure risks
risks which involve the possibility of loss only
pure risks
can legally be the subject of an insurance policy
speculative risks
risks which involve the chance of loss as well as the chance of gain
speculative risks
cannot legally be the subject of an insurance policy
Perils
causes of loss
proximate cause
the event, which, in a natural and continuous sequence, produced the loss
proximate cause
by definition the ___________________ of a loss would include a chain reaction
vandals/vandalism
a local business is forced to close for repairs after vandals smash the front window.
the loss is caused by the peril of _______________________.
out of control truck/collision
a car is damaged in an accident by a truck which ran out of control on the icy road
proximate cause
the original event which set the chain reaction in motion of the ultimate loss
hazards
situations that increase the chance of loss
physical hazard, morale hazard and moral hazard
sub-classifications of hazards
physical hazard
a tangible hazard
physical hazard
a condition inherent to the property itself
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 ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.69. You're not tied to anything after your purchase.
