Indemnify means - Study guides, Class notes & Summaries

1. Main purpose of Insurance ANS Allow the spread of risk 2. Definition of Insurance ANS -Payment's made only when a certain peril has dam- aged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused by an insured. 3. Five important points to the definition of insurance ANS -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduction ...

Fundamentals of Insurance - Practice Exam Questions and Answers 100% CorrectFundamentals of Insurance - Practice Exam Questions and Answers 100% Correct The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - ANSWER-b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The o...

CA Insurance License Exam Questions and Answers 100% Correct As used in this code the word "shall" is - Correct Answer ️️ -Mandatory (unless otherwise apparent) As used in this code the word "may" is - Correct Answer ️️ -permissive (unless otherwise apparent) "Oath" includes - Correct Answer ️️ -affirmation "Person" means - Correct Answer ️️ -person, association, organization, partnership, business trust, limited liability company, or corporation Definition of In...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - ANSWER b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - ANSWER c. The cause of a loss Indemnify means: a. Returning the premium of the ...

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM (LATEST 2024/ 2025 UPDATE) QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A Q: Once an injured employee has received benefits provided under workers' compensation, that employee may not file a suit against her employer to gain additional benefits. This is the def. of A. Contributory negligence B. the fellow servant rule C. Assumption of risk D. Exclusive remedy Answer: D. executive remedy Q: The purpose of the basic extend...

West Virginia Property & Casualty Laws and Regulations with Complete Solutions Insurance commisioner •Appointed by the governor •6 year term •must sever all ties with any insurance company except as a claimant. Examination of insurers •Must examine each domestic insurer at least once every five years, and as often as deemed necessary. •May examine an alien or foreign insurer licensed to transact insurance in this state at least once every five years. Insurance examina...

Wisconsin Casualty Questions and Answers Already Passed A situation in which a person can experience only a loss and no gain presents what type of risk? Pure Risk A tornado that destroys a property would be an example of what? Peril What type of authority is based on the agent's actions, or words? Apparents If an insurer holds a Certificate of Authority, it is know as what type of insurer? Authorized or admitted What document is required for an insurance company to transact ...

Chapter 1 - Intro List the 5 functions of insurance: - 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - 1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain risk or peril iii) the amount of the payment is...

Insurance - Answer-transfer of risk by contract to insurers who agree to indemnify insureds for losses Risk - Answer-chance of loss pure risk - Answer-only outcomes are loss or no loss personal risk - Answer-premature death, insufficient income, poor health, unemployment property risk - Answer-loss of real property or personal property (on the land not the land itself) Liability risk - Answer-something that results in loss to another (3rd party buyout) Controlling risk - Answer-risk manage...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring th...