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Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will inform their efforts to create a list of experts that can be ...

One distinguishing feature between independent agency systems and other marketing systems is the... - agency expiration list Foreign Insurer - An insurer licensed to operate in a state but incorporated in another state Domestic Insurer - An insurer doing business in the jurisdiction in which it w...

Umbrella liability policies almost always provide excess coverage over several primary policies while include all of the following, EXCEPT: - Commercial general liability - Auto liability - Replacement liability - Employers liability - Replacement liability The coverage that an umbrella liabil...

All of the following items are examples of personal property, EXCEPT: Select one: A. Sports equipment B. Silverware C. A fishing boat D. Underground pipes - Underground pipes Which one of the following statements regarding assets exposed to loss is true? Select one: A. Real property includes...

Which one of the following is an opportunity cost of insurance? - An insured's funds that could be invested elsewhere if purchasing insurance were not necessary is an example of an opportunity cost of insurance. Which one of the following statements is correct regarding the benefits of insurance...

What is insurance? - It's a transfer system, business, and contract. What is a transfer system in insurance? - One party (the insured), transfers the risk of financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone else so that I can keep my ...

Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control...

loss exposure - any condition or situation that presents the possibility of a loss law of large numbers - a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exp...

Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - Direct writer marketing system Because the insurance company usually determin...

4 roles of insurance - 1. risk management technique 2. transfer system 3. business 4. contract loss exposure - any condition or situation that presents a possibility of loss, whether or not actual loss occurs risk management - making and implementing decisions that will minimize the adverse e...

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...

Though premiums are an obvious cost of insurance, many insureds believe they are too high because - Benefits are intangible until a loss occurs. Pravalt Construction Company pays less than its competitors for workers compensation insurance because Pravalt has had substantially fewer employee inju...

Which one of the following best describes real property? Select one: A. Property being shipped to or from others. B. Business personal property that includes furniture, machinery and equipment, and stock/inventory. C. Tangible property that includes land, structures permanently attached to the ...

Danforth Grocery Store specializes in fresh produce and is open 24 hours year-round. The store has contracts with suppliers to deliver produce and foods by 5am daily, so the parking area at the rear of the store is congested from 4:30am to 5:30am. Customer traffic is heaviest from 7am to 9am, and...