AINS 21 Chapter One Practice Exam questions and revised correct answers
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Course
Ains
Institution
Ains
Some loss exposures are not easy to retain, avoid, or control. Which one of the following risk management techniques is frequently used to treat such exposures? - correct answer Transfer
A loss exposure is: - correct answer Any condition that presents the possibility of a loss.
Another name f...
Some loss exposures are not easy to retain, avoid, or control. Which one of the following risk
management techniques is frequently used to treat such exposures? - correct answer Transfer
A loss exposure is: - correct answer Any condition that presents the possibility of a loss.
Another name for liability insurance is: - correct answer Third-Party Insurance
Insurance is not the only risk management transfer technique. When circumstances are appropriate,
transfer can be accomplished through: - correct answer Noninsurance transfer techniques.
Retention is often used in combination with insurance as a way of treating loss exposures. One of the
major downsides of individuals using retention alone is: - correct answer The potential for financial ruin.
From a risk management viewpoint, insurance is used to: - correct answer Transfer the cost of losses
Liability coverage for loss exposures arising from a business organization's premises and operations, its
products, or its completed work is typically provided by: - correct answer Commercial general liability
insurance
When an employee is injured on the job, coverage for his or her medical care and lost wages will be
provided by the insured's: - correct answer Workers compensation policy
The type of insurance that provides periodic income payments to an insured who is unable to work
because of sickness or injury is: - correct answer Disability income insurance
Term life insurance: - correct answer Provides protection for a specified period with no cash value
A policy that combines property, crime, and liability coverages into one policy is referred to as a(n): -
correct answer Commercial package policy (CPP)
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