Speculative damages - Study guides, Class notes & Summaries

Texas Property and Casualty Exam Questions and Answers Verified 100% ____ is uncertainty of loss - risk ____ is a transfer of risk from the insured to the insurer - insurance ____ risk means there is no chance of gain. It is insurable. - pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative a ____ is something that increases the risk. - hazard the principle of _____ governs property and casualty policies. It states that the purpose of th...

Sam promises to buy Amy a steak if she agrees to meet him for dinner after work. Amy agrees. Sam shows up, but Amy does not. Correct Answer-Amy does not need to show up, this is a social arrangements which normally do not create the expectation/reliance that commercial agreements do Barb wanted to purchase 3 lots in San Rafael and build homes on those lots. She contacted Vera, a RE broker. Vera agreed to represent Barb regarding the purchase, in return Barb agreed to build a speculative home ...

Michigan Property & Casualty Exam Guide Questions and CORRECT Answers Indemnity - Correct Answer- a payment for damages or loss Risk - Correct Answer- Uncertainty or chance of loss occurring Pure Risk - Correct Answer- Presents the chance of loss with no opportunity for gain Speculative Risk - Correct Answer- Presents the chance of loss with an opportunity to gain (Like Gambling) Exposure - Correct Answer- a unit of measurement used to determine rates charged for insurance coverages.

FBLA- intro to business procedure- Exam Questions With Revised Correct Detailed Answers Guaranteed Pass 1) Business interruption insurance covers A) debts to suppliers. B) lost income. C) shoplifting. D) defective products. - ANSWER 2) A pure risk: A) is uncontrollable B) offers no opportunity for gain C) is speculative D) is uninsurable - ANSWER B) lost income. B) offers no opportunity for gain 3) Two desirable features of _____________ are that members ...

Law of Large Numbers - Answer-The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Answer-Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Answer-1) Financial 2) Blood (relative) 3) Business Risk - Answer-The uncertainty or chance of a loss occurring Types of risks are - Answer-1) Pure risk 2) Speculative risk What type of risk does insuran...

RMIN 4000 UGA- Brown- Exam 1 Questions And Answers Rated A definition of risk A calculated possibility of a negative outcome calculated possibility probabilistic outcome, ranges from 0-1 (0-100%) negative outcome loss, must be quantifiable ($) frequency -"how often does a loss occur?" -number of losses in a certain time period -probability of a loss Severity -"how much does it cost when a loss occurs?" - dollar amount how to calculate frequency # of losses/# of exposure...

Pennsylvania Property and CasualtyLoss control Refers to actions taken and strategies implemented to reduce the frequency or severity of a loss. Insurance companies commonly incentivize their customers to implement loss contras by offering discounts that reduce insurance premiums -insurers make loss payments to insureds when a-loss is experienced to satisfy their contractual obligation to indemnify insureds against covered losses. - insurance may be used to protect large purchases of real a...

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...

LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both ...

Which of the following best describes the insurance concept of "exposure"? - Answer The possibility of damage or loss Strict liability: - Answer holds a person liable for his actions regardless of how much care he demonstrates. John has purchased a homeowners insurance policy with a percentage deductible based on the total limit of insurance for his home. John insures his home for $600,000, and the policy includes a 3% deductible. A huge thunderstorm passes through one night an...