NSG 6020 Final Exam | 100% Correct Answers | Verified | Latest 2024 Version
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Course
NSG 6020
Institution
NSG 6020
Heberden's nodes are commonly found in which one of the following diseases? - Degenerative joint
disease
You are beginning the examination of the skin on a 25-year-old teacher. You have previously elicited that
she came to the office for evaluation of fatigue, weight gain, and hair loss. You s...
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 financial standing.]
What are covered losses? - ✔✔These are costs that insurers pay for and are in the contract that
both parties agree to in the beginning (wind damage, car accident, etc). The costs vary on what
coverage one purchases.
What are premiums? - ✔✔Periodic payments from the insured to the insurer to protect them
from potential costs.
What does transferring the risk allow? - ✔✔This allows the insured to give periodic payments
(premiums) to the insurer to protect them from those potential costs and remain in good financial
standing.
What is "sharing the premiums?" - ✔✔This technique allows the insurer to put all their
premiums into a pool paid by their insured customers. This allows them to dip into this pool of
paid premiums to cover a single claim (thus, the more paying customers, the better).
,What is a loss exposure? - ✔✔This is any condition or situation that presents the *possibility* of
a loss.
What is a common loss exposure that every home has? - ✔✔Fire exposure, because every home
has electricity in it (unless there is an exception).
What is the law of large numbers? - ✔✔The law states: as long as the number of similar but
independent exposure units increases, the relative accuracy of predictions about future losses
based on these exposure units also increases.
How is the law of large numbers applied to insurance? - ✔✔Houses and cars are similar
exposure units (things that are insured), but are independent because they are not subject to the
same event. For example: a homeowner is uncertain whether a fire will damage his or her home
and transfers this uncertainty to an insurance company. The insurance company insures
thousands of homes whose owners face the same uncertainty! Because they insure such a large
number of homes like this one, they can predict with a better deal of accuracy the number of
homes that actually will be damaged by fire! That will allow them to determine the amount of
premiums that it needs to pay for the fire losses during that period.
What are the three major types of loss exposures? - ✔✔1) Property 2) Liability 3)
Human/Personal and personnel.
What is a property loss exposure? - ✔✔This is a possibility of some property being lost in an
accident.
, What is real property? - ✔✔Land or any property attached to it.
What is an example of real property? - ✔✔A home owner purchases a lot and then builds a
house and a pool on that said lot. Anything permanent/stationary on that lot is considered real
property.
What is personal property? - ✔✔Anything that is not real property.
What is an example of personal property? - ✔✔A car, computer, TV, clothes, furniture, on a lot.
These are not stationary.
What is a liability loss exposure? - ✔✔This is any condition or situation that presents the
possibility that a liability loss will occur.
What is a liability loss exposure? - ✔✔This is a claim for monetary damages because of injury to
another party or damage to another party's property. The possibility of a claim alleging legal
responsibility of a person or business for injury or damage suffered by another party. Often,
these claims result in lawsuits. (includes negligence).
What is a human/personal loss exposure? - ✔✔Financial loss to individual/family because of
death, disability or unemployment.
What is a personnel loss exposure? - ✔✔This generally refers to a loss caused by death,
disability, retirement, or resignation of key employees.
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