Ains 21 segment a - Study guides, Class notes & Summaries

claim - a demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy claimant - anyone who submits a claim to an insurer first party - the insured in an insurance contract third party - a person or business who is not a party to the insurance contract bu who asserts a claim against the insured claim representative (or adjuster) - a person responsible for verifying coverage, determining the cause of loss, determining the amount o...

AINS 21 Segment A (ch 1-3) | 92 Questions with 100 % Verified Solutions | Verified& Updated 2024 | Already Passed

Though premiums are an obvious cost of insurance, many insureds believe they are too high because - Benefits are intangible until a loss occurs. Pravalt Construction Company pays less than its competitors for workers compensation insurance because Pravalt has had substantially fewer employee injuries than other firms in its class. This illustrates which one of the following benefits of insurance? - Promote risk control Which one of the following statements is correct regarding the benefits...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss e...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss e...

AINS 21 Segment A (ch 1-3) AINS 21 Segment A (ch 1-3) | 92 Questions and Answers with complete solution

Loss exposure - Answer-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - Answer-The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - Answer-A risk control technique that reduces the frequency of a particular loss Loss reduction - Answer-A risk control technique that reduces the severity of a particular loss Exposure unit - Answer-...

AINS 21 Segment A (ch 1-3) with Complete Solutions

Loss exposure - Answer-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - Answer-The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - Answer-A risk control technique that reduces the frequency of a particular loss Loss reduction - Answer-A risk control technique that reduces the severity of a particular loss Exposure unit - Answer-...

AINS 21 Segment A (Ch 1-3) Exam With 100% Correct And Verified Answers