3 advantages of using a fact find or survey - ANSWER1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies
3 benefits of commercial property checklists - ANS...
3 advantages of using a fact find or survey - ANSWER1) Assists brokers when identifying potential
losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting
information needed by insurance companies
3 benefits of commercial property checklists - ANSWER1) Assists brokers when identifying potential
losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing
E&O losses
Define "Fire Resistive" - ANSWERThis means that the building has achieved the standard set in hours
to remain structurally sound when attacked by fires
Define "Non-Combustible" - ANSWERThese buildings are slightly below the standard of fire resistive
structures
Define "Detachment" - ANSWERThe distance between the insured building to other commercially
rated buildings
Describe 2 types of protection - ANSWERPrivate protection; steps taken within the building to reduce
frequency and severity of losses such as sprinkler systems. Public protection; methods used by
municipalities such as fire departments
4 functions performed by underwriters - ANSWER1) Risk selection 2) Risk classification 3) rating &
rate making 4) policyholders services
Define "Adverse Selection" - ANSWEROccurs when the applicant for insurance is more likely to suffer
a loss
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 papersbyjol. 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.
