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AINS 102 Understanding Personal Insurance Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025) $11.49   Add to cart

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AINS 102 Understanding Personal Insurance Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)

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AINS 102 Understanding Personal Insurance Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)

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  • September 20, 2024
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  • 2024/2025
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MikeHarris
AINS 102 Understanding Personal Insurance Exam-Questions with
Correct Answers/ Verified/ Latest Update (2024/2025)
Risk Control Techniques - ✔✔Reduce the frequency and/or severity of a particular loss or
make losses more predictable



How many risk control techniques are there? - ✔✔6



List the Risk Control Techniques - ✔✔Avoidance
Loss Prevention
Loss Reduction
Separation
Duplication
Diversification



Avoidance - ✔✔ceasing activity/not engaging in activity to eliminate the possibility of loss



Loss Prevention - ✔✔reduces frequency of a particular loss / break the sequence of events
that lead to a loss



Loss Reduction - ✔✔reduce severity of a particular loss



Separation - ✔✔isolate loss exposures from one another to minimize the adverse effect of a
single loss



Duplication - ✔✔involves creating backups/spares/copies of property / information



Diversification - ✔✔spreads loss exposures over numerous areas/projects



Risk Financing - ✔✔Generate funds to pay for losses and risk control measures

, How many risk financing techniques are there? - ✔✔2



List the Risk Financing Techniques - ✔✔Retention
Transfer



Retention - ✔✔funds are generated or set aside to pay for losses that are retained by the
individual



Transfer - ✔✔shifting financial responsibility for losses to another party like insurance



What are the two types of risk management techniques? - ✔✔risk control techniques
risk financing techniques


What is often the only risk management technique option available to individuals/families? -
✔✔transfer



What are the 2 major financial consequences of a liability claim? - ✔✔monetary damages (if
settling out of court or the legal defense fails) and the cost of a legal defense/investigation
(even if successful)



What are the financial consequences of a liability loss exposure, theoretically? - ✔✔Limitless



What are the financial consequences of a liability loss exposure, practically? - ✔✔the total
wealth of the responsible party



In what forms are damages often awarded in a liability lawsuit? - ✔✔special damages
and/or general damages



special damages - ✔✔particular damages

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