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Exam (elaborations)

Chapter 10: Property and Motor Vehicle Insurance Questions and Answers(SCORED A)
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Risk - ANSWER-Uncertainty or lack of predictability as to loss that faces a person or property covered by insurance Peril - ANSWER-The cause of a possible loss or risk, such as fire, windstorm, robbery, disease, or death Hazard - ANSWER-Increases the likelihood of a loss through some peril...

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  • August 13, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • chapter 10 property and motor vehicle insurance q
  • chapter 10 property and motor vehicle stuvia
  • risk answer uncertainty or lack of predictabilit

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  • Property and Motor Vehicle Insurance
  • Property and Motor Vehicle Insurance

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Chapter 10: Property and Motor Vehicle
Insurance Questions and Answers(SCORED A)


Risk - ANSWER-Uncertainty or lack of predictability as to loss
that faces a person or property covered by insurance

Peril - ANSWER-The cause of a possible loss or risk, such as
fire, windstorm, robbery, disease, or death

Hazard - ANSWER-Increases the likelihood of a loss through
some peril (e.g., driving drunk, defective house wiring)

Risk Management - ANSWER-Organized, planned strategy to
protect your assets and family

Pure Risks - ANSWER--Personal risks (Death/Health)
-Property risks(Home/Auto)
-Liability risks(Negligence)

*Insurable

Speculative Risk - ANSWER-Chance of loss or gain, such as starting a
business or gambling


*Uninsurable

Risk Avoidance - ANSWER-eliminate risk by not participating (don't sky dive)

Risk Reduction - ANSWER-take measures to reduce the risk (wear seat belt)

Risk Assumption - ANSWER-assume the risk because the financial loss is small (don't
insure $1,500
farm truck)

Risk Shifting - ANSWER-transfer the risk to another
party, like an insurer (accident and illness)

Deductables - ANSWER-• Amount insured pays before insurance
company pays

• The higher the deductible, the lower your
premiums will be

, • Premiums (insurance cost) are usually the
biggest factor in deciding coverage

Liability - ANSWER-legal responsibility for cost of another
person's losses or injuries

Negligence - ANSWER-Failure to take ordinary or reasonable care, such as failure to
supervise children in a pool

Strict Liability - ANSWER-You are held responsible for your own intentional or
unintentional actions

Vicarious Liability - ANSWER-You are held responsible for the actions of another
person, such as your child breaking a neighbor's window

Homeowners Insurance Covers... - ANSWER-- Damage to or destruction of your house
and other structures, including landscaping
- Additional living expenses - living elsewhere
- Personal property at or away from home
- Personal property floater - "schedule" high value
items (e.g., wedding rings, musical instruments)
- Household inventory with documentation
(You must prove ownership and value
• Video entire household contents

Personal Liability Coverage - ANSWER-• Protects you from financial loss because of
your
actions causing damage to others' property
- $1,000,000 or more

Medical payments coverage - ANSWER-for minor injuries to others caused by you,
family members or pets, occurring on your property or away from home

Umbrella Policy - ANSWER-also called a personal catastrophe policy
-supplements basic personal liability coverage

Specialized Coverage - ANSWER-- Endorsements add coverage to a
standard policy, for things such as earthquake damage
• Without endorsement, these are EXCLUDED
from coverage
• Pay an additional premium for the coverage

Coinsurance Clause - ANSWER-Look for a policy with full coverage, rather
than a coinsurance clause, where you have
to pay for part of a loss if under-insured.

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