100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
AINS 21 - Segment A Questions and Answers Graded A+ $11.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. AINS 21 - Segment A
  4.  
  5. AINS 21 - Segment A

Exam (elaborations)

AINS 21 - Segment A Questions and Answers Graded A+
 0 purchase
  • Course
  • AINS 21 - Segment A
  • Institution
  • AINS 21 - Segment A

AINS 21 - Segment A Questions and Answers Graded A+ From a risk management viewpoint, insurance is used to A. Prevent the cost of losses B. Reduce the cost of losses C. Transfer the cost of losses D. Isolate the cost of losses. C. Transfer the cost of losses. A loss exposure is: A. A...

[Show more]

Preview 4 out of 55  pages

Document information

  • March 12, 2024
  • 55
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ains 21 segment a questions and answers graded

Written for

  • AINS 21 - Segment A
  • AINS 21 - Segment A

Seller

avatar-seller
StellarScores

Reviews received

Content preview

AINS 21 - Segment A Questions and Answers Graded A+ From a risk management viewpoint, insurance is used to A. Prevent the cost of losses B. Reduce the cost of losses C. Transfer the cost of losses D. Isolate the cost of losses. ✔✔C. Transfer the cost of losses. A loss exposure is: A. Any condition that presents the possibility of a loss. B. Any condition that precludes the chance of loss. C. The same thing as a peril. D. The same thing as a hazard. ✔✔A. Any condition that present the possibility of a loss. Some loss exposures are not easy to retain, avoid, or control. What risk management technique is frequently used to treat such exposur es? A. Reinsurance B. Prevention C. Transfer D. Reunderwriting ✔✔C. Transfer Insurance is not the only risk management transfer technique. When circumstances are appropriate, transfer can be accomplished through A. Retention B. Noninsurance transfer techn iques C. Avoidance D. Loss prevention ✔✔B. Noninsurance transfer techniques Another name for liability insurance is A. First -party insurance B. Second -party insurance C. Third -party insurance D. Multiple -party insurance ✔✔C. Third party insurance Sally is a recent college graduate who lives in the suburbs and drives to work daily in the city. She recognizes that owning a car creates both property damage and liability exposures for her and at the same time she has the burden of student loans. For so meone in Sally's circumstances the most practical risk management technique for dealing with her auto -related loss exposures is A. Risk transfer B. Retention C. Loss control D. Avoidance ✔✔A. Risk transfer Retention is often used in combination with insur ance as a way of treating loss exposures. One of the major downsides of individuals using retention alone is A. The record keeping associated with the retained losses. B. Availability of insurer loss settlement services. C. The potential for financial ruin . D. The unavailability of insurer loss control services. ✔✔C. The potential for financial ruin. Life insurance that provides coverage for a specified period with no cash value is called A. Universal life B. Long -term care insurance C. Term life insurance D. Whole life ✔✔C. Term life insurance A small business owner concerned about something happening and not being able to work or earn a living for an extended period of time due to an accident should purchase A. Disability insurance B. Personal liability of insurance C. Universal life insurance D. Medical insurance ✔✔A. Disability insurance A policy that combines property, crime and liability coverage into one policy is referred to as: A. Commercial umbrella policy B. Commercial package policy C. Workers compensation policy D. Employee dishonesty policy ✔✔B. Commercial package policy Coverage for money, securities, and other property from various causes of loss such as burglary, robbery, theft, and employee dishonesty typically is provided by A. Professional liability insurance. B. Inland marine insurance. C. Commercial crime insurance.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 StellarScores. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$11.99
  • (0)
Add to cart
Added