Intentional losses - Study guides, Class notes & Summaries

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...

Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - Correct Answer -B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Re...

GPSTC INSTRUCTOR TRAINING - LATEST UPDATE Crime - CORRECT ANSWER An act committed or omitted in violation of a law forbidding or commanding it and for which punishment is imposed upon conviction. Burden of Proof for Criminal Liability - CORRECT ANSWER Prove beyond a reasonable doubt that the accused did commit the act and did so willfully and with intent. Torts - CORRECT ANSWER A private or civil wrong, other than a breach of contract, in which the action of one person causes i...

RMIN Test 1 pt 2 Questions and Answers Already Passed All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk A) sharing of loss...

Perils : Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard : Condition that create or increases the chance or loss or contributes to the loss Physical Hazard : Visible ( operational features of a risk) Moral Hazard : Intentional dishonesty or illegal actions of a person (arson) Morale Hazard : Carelessness or indifference ( attitude). Takes additional risks (negligence) Pure Risk 2 | P a g e : Chance of loss. Insurable Law...

Transferred intent - ️️If tortfeasor intends to harm A, but harms B, the intent to harm will be "transferred" to B; allowing B to recover for any damage. Shopkeeper Privilege Defense - ️️Merchant may detain someone suspected of shoplifting. 1. Reasonable manner 2. Reasonable length of time Tort - ️️A civil wrong Tortfeasor - ️️The person/entity that commits the tort Damages - ️️Monetary compensation for the victim of a tort Compensatory damages - ️️Compensa...

Brokers are thought of as representatives of which party? - Answer The insured When underwriting insurance for clients, underwriters need to know which of the following? - Answer The risks the client is involved in and methods for dealing with those risks Applicants are rejected by underwriters for which reason? - Answer They represent a risk that falls outside of standards set by the insurance company. Why do professional liability and errors and omissions applications require...

Unilateral Contract a contract that legally binds only one party to contractual obligations (one-sided) Unintentional torts -the result of acting without proper care (referred to as negligence) *insurance will only respond to this type of tort *a.k.a, losses other than those acts by an insured that are deliberate and intended to cause loss or damage Intentional tort is any deliberate act that causes harm to another person regardless of whether the offending party intended to...

RPTM 390 Exam 2 Question and answers correctly solved RPTM 390 Exam 2 What is risk management? - correct answer Controlling financial and personal injury losses from sudden, unforeseen, unusual accidents, and intentional torts. Also about delivering a quality program Risk Management Cycle - correct answer Risk identification, risk evaluation, risk treatment, risk management implementation What are the different categories or types of risk that can be identified by a manager? - c...

Pure Risk Correct Answer: chance of loss or no loss but not gain insurable Speculative Risk Correct Answer: there is possibility of loss but of gain no insurablility exposure unit Correct Answer: subject to loss peril Correct Answer: cause of loss life insurance Correct Answer: death 2 Health insurance Correct Answer: accident and sickness hazard Correct Answer: increases the likelihood or severity of loss Three types of hazard Correct Answer: physical, moral, morale physical ha...