AINS 21 Segment A (ch 1-3) Latest 2024
Rated A+
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 ...
AINS 21 Segment A (ch 1 -3) Latest 2024 Rated A+ Loss exposure ✔✔Any condition or situation that presents a possibility o f 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 technique that reduces the fre quency of a particular loss Loss reduction ✔✔A risk control technique that reduces the severity of a particular loss Exposure unit ✔✔A fundamental measure of the loss exposure assumed by an insurer Property -casualty insurance ✔✔One of the two main sectors of the insurance industry, encompassing numerous types of insurance, most of which cover the financial consequences of damage to one's own property or legal liability to others. Life-health insuran ce ✔✔One of the two main sectors of the insurance industry, encompassing numerous types of insurance that cover the financial consequences of death, injury, or sickness Utmost good faith ✔✔An obligation to act in complete honesty and to disclose all relev ant facts Contract of adhesion ✔✔Any contract in which one party must either accept the agreement as written by the other party or reject it Contract of indemnity ✔✔A contract in which the insurer agrees, in the event of a covered loss, to pay an amount directly related to the amount of the loss Self-contained policy ✔✔A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy Modular policy ✔✔An insurance policy that consists of sev eral different documents, none of which by itself forms a complete policy Property insurance ✔✔Any type of insurance that indemnifies an insured who suffers a financial loss because property has been lost, stolen, damaged, or destroyed
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