Speculative damages Study guides, Class notes & Summaries

Admitted Aircraft Liability Coverage - ANSWER- A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action. Appraisal Clause - ANSWER- 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, failing to agree, select an umpire. Agreement of any two of the three ...

RMIN Daniel Brown Test 1 Latest Update 100% Pass exposure things of value (assets) that could be lost Perils things that could happen to your assets cause of a loss risk management what someone does to protect their assets or prevent/ reduce their losses risk a calculated possibility of a negative outcome uncertainty concerning the occurrence of a loss Calculated possibility a probablilistic outcome that is known or estimated ranges from 0 to 1 or a percentage 0 imp...

Exam Fx (PROPERTY & CASUALTY) Rated A+ Law of Large Numbers ️The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance ️Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are ️1) Financial 2) Blood (relative) 3) Business Risk ️The uncertainty or chance of a loss occurring Types of risks are ️1) Pure risk 2) Speculative risk What type of r...

policy owner - ANSWER usually, but not always the person covered by the policy beneficiary - ANSWER the person who is paid when a claim is submitted agent/producer - ANSWER acts as a legal representative of the insurance company broker - ANSWER representative of the Insured, not the insurance company risk - ANSWER The chance or uncertainty of loss Pure risk - ANSWER the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. Speculative ri...

Law of Large Numbers -The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - 1) Financial 2) Blood (relative) 3) Business Risk - The uncertainty or chance of a loss occurring Types of risks are - 1) Pure risk 2) Speculative risk What type of risk does insurance cover? - Pure risk What is pure ...

RMIN 4000 UGA- Brown- exam 1 Questions and Answers | 100% Pass!! definition of risk -Answer-A calculated possibility of a negative outcome calculated possibility -Answer-probabilistic outcome, ranges from 0-1 (0-100%) negative outcome -Answer-loss, must be quantifiable ($) frequency -Answer--"how often does a loss occur?" -number of losses in a certain time period -probability of a loss Severity -Answer--"how much does it cost when a loss occurs?" - dollar amount how to calculate f...

GA PROPERTY & CASUALTY TEST answers verified 2023PURE RISK TYPE OF RISK WHICH INSURANCE COMPANIES WILL INSURE IS CALLED? RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MIGHT INDICATE? MORAL HAZARD PURE & SPECULATIVE RISK THE RISK OF LOSS MAY BE CLASSIFIED AS? AGGREGATE LIMIT OF LIABILITY Defined as the MAXIMUM LIMIT of coverage available under ...

Speculative Risk - Answer-A risk in which there is a chance of either loss or gain. Never insurable Insurance - Answer-A contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event. hazard - AnswerAccelerated benefits - Answer-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accident - Answer-An unplanned ned, unforeseen event which occurs su...

sources of information for identifying loss exposures - - risk analysis questionnaires - physical inspection - flow charts - financial statements - historical loss data (most common) What is Risk? - Uncertainty regarding loss Objective Risk - the relative variation of actual loss from expected loss subjective probability - - personal estimate of the chance of loss - it need not coincide with objective probability and is influenced by a variety of factors including age, sex, intelligence...

As to common law offers, an acceptance that is materially different from the term of the offer is ~~> a rejection of the offer to prove assault, the plaintiff must establish that ~~> the threatened contact took place under section 402A of the "Restatement (second) of Torts" ~~> the plaintiff must prove a breach of duty on the defendants part civil law ~~> defines public wrongs prohibited by a state or federal government compensatory damages 2 | P a g e | © copyr...