Loma 281: Module 1 Lesson 1 Correct 100%(RATED A+)
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Course
Loma 281:
Institution
Loma 281:
Risk - ANSWER the possibility of an unexpected loss
speculative risk - ANSWER can result in a gain, a loss
four risk management techniques - ANSWER avoid the risk
control the risk
accept the risk
transfer the risk
Parties involved in insurance transaction - ANSWER applicant
policyowner
...
Loma 281: Module 1 Lesson 1
Correct 100%(RATED A+)
Risk - ANSWER the possibility of an unexpected loss
speculative risk - ANSWER can result in a gain, a loss
four risk management techniques - ANSWER avoid the risk
control the risk
accept the risk
transfer the risk
Parties involved in insurance transaction - ANSWER applicant
policyowner
insured
beneficiary
characteristics of an insurable risk - ANSWER the risk must be a pure risk
loss must occur by chance
loss must be definite in time and amount
the loss must be significant
the loss rate must be predictable
loss cannot be catastrophic to the insurer
Risk Pooling - ANSWER spreading the cost of the relatively few anticipated losses among all insured.
underwriters - ANSWER evaluate proposed risks and assign them to classes
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