Liability loss exposure - Study guides, Class notes & Summaries

RMIN EXAM 1 CH 1-4 QUESTIONS & ANSWERS The property and liability insurance industry is characterized by a receptive pattern of loose underwriting standards with low premiums followed by tight underwriting standards with high premiums. This repetitive patter is called the: a. underwriting cycle b. underwriting by exception method c. business cycle d. account underwriting method - ANS-a. underwriting cycle A situation or circumstance in which a loss is possible, regardless of whether a ...

Loss exposure - ANS-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Property loss exposure - ANS-A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest. Real property (realty) - ANS-Tangible property consisting of land, all structures permanently attache...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no...

Florida 2-20 Agents License Exam Questions and Answers 2023 Graded A The Florida Surplus Service Lines Office (FSLSO) was created to oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: Pays insurance claims Once license, you have how long to obtain an appointment? 48 months Which of the ...

The Florida Surplus Service Lines Office (FSLSO) was created to - Answer- oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: - Answer- Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: - Answer- Pays insurance claims Once license, you have how long to obtain an appointment? - Answer- 48 months Which of the following is NOT a duty of t...

The coverage territory of the Business Auto form provides for "worldwide liability coverage" for private passenger autos that the insured: a) Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions. b) Purchases while outside the United States, its territories and possessions. c) Sells while outside the United States, its territories and possessions. d) Occupies while outside the United States, its territories and possession...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use Loss o...

TEST BANK For Clayton’s Basic Pharmacology for Nurses 19th Edition Michelle Willihnganz ||All Chapters (1 - 48)||Newest Version 2024 A+ Test Bank For Clayton’s Basic Pharmacology for Nurses 19th Edition By Michelle J. Willihnganz, Samuel L. Gurevitz, Bruce Clayton Complete MULTIPLE CHOICE 1. Which name identifies a drug listed by the US Food and Drug Administration (FDA)? a. Brand b. Nonproprietary c. Official d. Trademark ANS: C The official name is the name under which a drug i...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...