Speculative damages - Study guides, Class notes & Summaries

Final Study Set: RMIN 4000 - Daniel Jeremy Brown Questions and Answers Rated A+ Exposures Things of value (assets) that could be lost (Any situation/circumstance in which a loss is possible, regardless of whether a loss actually occurs) Perils Things that could happen to your assets - cause of loss Risk Management What you do to protect these assets and/or prevent/reduce losses (Identifies loss exposures faced by an organization and selects the most appropriate techniques for tre...

WASHINGTON LIFE/HEALTH INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. policy owner - -usually, but not always the person covered by the policy beneficiary - -the person who is paid when a claim is submitted agent/producer - -acts as a legal representative of the insurance company broker - -representative of the Insured, not the insurance company risk - -The chance or uncertainty of loss Pure risk - -the chance of experiencing a loss (without the possibility of gain). Only dow...

2-20 License Exam Questions and Definitions Exam Questions And Answers Admitted Aircraft Liability Coverage - ANS A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action. Appraisal Clause - ANS Clause which provides an appraisal procedure when the insured and the insurer are in disagreement regarding the amount of a loss. Insured and insurer each choose an appraiser, who,...

Exam Fx (PROPERTY & CASUALTY) Questions and Answers 100% Pass Law of Large Numbers - Correct Answer ️️ -The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct Answer ️️ -Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct Answer ️️ -1) Financial 2) Blood (relative) 3) Business Risk - Correct Answer ️️ -The uncert...

Exam Fx (PROPERTY & CASUALTY) Questions and Answers 100% Pass Law of Large Numbers - Correct Answer ️️ -The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct Answer ️️ -Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct Answer ️️ -1) Financial 2) Blood (relative) 3) Business Risk - Correct Answer ️️ -The uncert...

N.C. Claims Adjuster Exam Latest 2024 Rated A+ Inception/Expiration Date - Answer ️️ -an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date - Answer ️️ -Date of which the loss occurred Identification of parties involved - Answer ️️ -The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured p...

Washington Life/Health Insurance Exam Latest Update Graded A+ policy owner usually, but not always the person covered by the policy beneficiary the person who is paid when a claim is submitted agent/producer acts as a legal representative of the insurance company broker representative of the Insured, not the insurance company risk The chance or uncertainty of loss Pure risk the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. S...

Wise Test Question and answers verified to pass 2024/2025 Wise Test-Insurance A person buys a flat screen, plasma, theater-like television. The person has homeowner?s insurance. Why would it be appropriate to add a personal property floater to that insurance? A) To reduce the premium on the homeowner?s insurance. B) To protect the person who owns the television from liability for damages. C) To show the insurance company a good faith investment has been made. D) To cover the cost of...

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 pure risks and speculative risks are insurable. c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...

Risk Management Exam 1 2024 || With Complete Solutions (100% Correct) Risk Management Exam 1 2024 || With Complete Solutions (100% Correct) What is the difference between risk and uncertainty? - ANSWER - Risk is known, and uncertainty is unknown. Define Peril. - ANSWER - The cause of loss. (Example: Fire burns down house, fire is the peril.) What are the types of Hazards? - ANSWER - Physical Hazard, Moral Hazard, Morale Hazard Define Physical Hazard. - ANSWER - A physical condition ...