Insuring personal Study guides, Class notes & Summaries
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Michigan Property & Casualty Exam 2023/2024 with Complete Solutions
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Indemnity - ANSWER-a payment for damages or loss 
 
Risk - ANSWER-Uncertainty or chance of loss occurring 
 
Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain 
 
Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) 
 
Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. 
 
Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. 
 
Peril ...
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Insuring Personal Auto Exposures CISR With Correct Answers 100% VERIFIED
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1. Eligibility Requirements for an ISO Personal Auto Policy: 1. Ownership 
2. Type of Vehicle 
3. Usage 
In addition to meeting the eligibility requirements, clients must also meet the insurance company's underwriting requirements. Since underwriting requirements differ 
among insurance companies, company specific underwriting requirements are not 
part of this course. One more note regarding eligibility. It is important not to confuse 
eligibility with coverage, as eligibility does not determi...
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MHA 707 Exam C Questions & Answers 2023/2024
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MHA 707 Exam C Questions & Answers 2023/2024 
 
 
Moral Hazard - ANSWER-When the act of insuring an event increases the likelihood that the event will happen 
 
behaving different when you know someone is taking the risk (induced demand) 
 
Adverse Selection - ANSWER-the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction 
 
the sicker people likely want more insurance, compared to those who are healthy 
 
Pooling of Risk - ANSWER...
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INSURING PERSONAL AUTO EXPOSURES CISR 2023-2024 ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |AGRADE
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INSURING PERSONAL AUTO EXPOSURES CISR ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |AGRADE
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Adjuster Pro - Insurance Adjuster Test: insurance Adjuster Test Study Guide: Questions & Answers: Updated Solution
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What is insurance? 
 (Ans- protection against financial loss 
 
what is a premium 
 (Ans- a scheduled amount to be paid for an insurance policy. 
 
What are premiums used for 
 (Ans- premiums are collected into a "pool" or "reserve to pay out claimants when needed. 
 
how can insurance companies afford to pay for an individuals catastrophic loss? 
(Ans- the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. 
 
what is Indemnity 
 (Ans- payment for...
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Practice Exam for CAIB 1 Latest 2023 with complete solution
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1.	Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest 
Utmost Good Faith Indemnity 
2.	Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...
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Texas Property and Casualty Exam Questions and Answers Verified 100%
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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...
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Alabama Property and Casualty Exam 2022/2023 with 100% correct answers
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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...
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Insuring Personal Auto Exposures CISR, Questions and answers, rated A+/ 2024/25 exam prediction paper, RATED A+
- Exam (elaborations) • 8 pages • 2024
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Insuring Personal Auto Exposures CISR, 
Questions and answers, rated A+ 
Eligibility Requirements for an ISO Personal Auto Policy 
1. Ownership 
2. Type of Vehicle 
3. Usage 
In addition to meeting the eligibility requirements, clients must also meet the insurance company's 
underwriting requirements. Since underwriting requirements differ among insurance companies, 
company‐specific underwriting requirements are not part of this course. One more note regarding 
eligibility. It is importa...
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Insuring Personal Auto Exposures CISR With Correct Answers.
- Exam (elaborations) • 4 pages • 2023
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Insuring Personal Auto Exposures CISR With Correct Answers.
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