NJ Property State Exam With 100% Correct Answers 2023
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Course
Nj property and casualty
Institution
Nj Property And Casualty
NJ Property State Exam With 100% Correct Answers 2023
NJ Property State Exam With 100% Correct Answers 2023
Risk
the chance or uncertainty of loss
Risk
used within the insurance industry to refer to the subject of the insurance policy
Possibility of loss
the concept of risk involves ____...
NJ Property State Exam With 100% Correct
Answers 2023
Risk
the chance or uncertainty of loss
Risk
used within the insurance industry to refer to the subject of the insurance policy
Possibility of loss
the concept of risk involves ___________________
Insurance
a formal social device used to accomplish the transfer of risk from an insured to the
insurer
Insurance policy
a legal contract in which the premium paid represents a small certain cost exchanged
so that the insurer will cover the possibility of a large financial loss
pure risks
risks which involve the possibility of loss only
pure risks
can legally be the subject of an insurance policy
speculative risks
risks which involve the chance of loss as well as the chance of gain
speculative risks
cannot legally be the subject of an insurance policy
Perils
causes of loss
proximate cause
the event, which, in a natural and continuous sequence, produced the loss
proximate cause
by definition the ___________________ of a loss would include a chain reaction
vandals/vandalism
a local business is forced to close for repairs after vandals smash the front window.
the loss is caused by the peril of _______________________.
out of control truck/collision
a car is damaged in an accident by a truck which ran out of control on the icy road
proximate cause
the original event which set the chain reaction in motion of the ultimate loss
hazards
situations that increase the chance of loss
physical hazard, morale hazard and moral hazard
sub-classifications of hazards
physical hazard
a tangible hazard
physical hazard
a condition inherent to the property itself
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