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Alabama Insurance Personal Lines Questions And Answers With Verified Solutions Latest Updated 2024 $11.99   Add to cart
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Alabama Insurance Personal Lines Questions And Answers With Verified Solutions Latest Updated 2024

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Alabama Insurance Personal Lines Questions And Answers With Verified Solutions Latest Updated 2024

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  • October 2, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • alabama insurance personal lines questions and ans
  • when the insurance company terminates your policy
  • a covered peril causes the insured premises to bec
  • the primary insured in an insurance contract is

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  • Personal lines
  • Personal lines

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Alabama Insurance Personal Lines
Questions And Answers With Verified
Solutions Latest Updated 2024
When the insurance company terminates your policy at the end of the policy
period, this is called: - ANSWERS✔✔Nonrenewal


A covered peril causes the insured premises to become uninhabitable until repairs
can be made. What type of loss does this describe? - ANSWERS✔✔Indirect Loss


The primary insured in an insurance contract is the: - ANSWERS✔✔First named
insured


The process of classification, rating, and selection of risks is called: -
ANSWERS✔✔Underwriting


Which risk management method is used when you decide to purchase insurance to
cover a risk? - ANSWERS✔✔None of the above


A risk management method where one party agrees to release the other party from
any liability or damage that might arise out of the transaction involved is called: -
ANSWERS✔✔A hold-harmless agreement


The type of company organized for the benefit of the policy owners is a: -
ANSWERS✔✔Mutual company


Canada Life doing business in North Carolina would be considered what type of
company? - ANSWERS✔✔Alien company

, Joe decides to give up his two favorite hobbies, skydiving, and scuba diving,
because they are too risky and could lead to his premature death. The method of
dealing with risk is called: - ANSWERS✔✔Risk Avoidance


A peril is defined as: - ANSWERS✔✔The cause of loss


Anthony is severely injured in an automobile accident because he refused to wear
his seat belt. This is an example of a: - ANSWERS✔✔Morale Hazard


A mechanism used to spread the potential financial losses of an individual among a
large number of people describes: - ANSWERS✔✔Insurance


The law of large numbers is primarily used for what purpose by insurance
companies? - ANSWERS✔✔To estimate the future losses of a particular group


As a captive agent, who do you represent in an insurance transaction? -
ANSWERS✔✔The insurer


Of the following. Which is not considered to be a risk management tool? -
ANSWERS✔✔Obligatory


The tendency for people with a greater than average risk to purpose insurance is
called: - ANSWERS✔✔Adverse selection


A morale hazard is defined as - ANSWERS✔✔Something that occurs through an
individuals carelessness or irrespobsinke actions

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