Lessening moral hazard - Samenvattingen, Aantekeningen en Examens

Risk - ANSWER-The possibility that a loss will occur Speculative Risk - ANSWER-Chance of loss or gain Pure Risk - ANSWER-only the possibility of loss Peril - ANSWER-cause of loss Exposure - ANSWER-The potential for accidents and other losses Direct Loss - ANSWER-Loss that is a direct result of a peril, such as fire. Indirect Loss - ANSWER-Loss that is a result or consequence of a direct loss Moral Hazard - ANSWER-Arise from a person's character (dishonesty) Morale Hazard...

Abandonment - Answer The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - Answer A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - Answer An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - Answer The required amount to pay damages or for property loss, which is calcu...

Arizona Life Insurance Exam - General Insurance | with complete solution |ALREADY PASSED Agent/Producer - Legal representative of an insurance company (classification of producer usually includes agents and brokers, agents are the agents of the insurer) Applicant (proposed insured) - Person applying for insurance Broker - Insurance producer not appointed by an insurer and is deemed to represent the client Insurance Policy - Contract between a policyowner (and/or insured) and an insuran...

Agent/Producer - ANSWER-a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicant or purposed insured - ANSWER-A person applying for insurance Broker - ANSWER-An insurance producer not appointed by and insurer and is deemed to represent a client Insurance policy - ANSWER-A contract between a policyowner (and/or insured) and insurance company which agrees to pay e insured or the benef...

Health Insurance (Exam FX) Questions and Answers Rated A Agent/Producer A legal representative of an insurance company Broker An insurance producer not appointed by an insurer and whom represents the client Insured A person covered by an insurance policy Insurance policy A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal Insurer, company who issues insurance policies Poli...

Health Insurance (Exam FX) Questions And Answers 100% Correct A Grade. Agent/Producer - ANSWERS-A legal representative of an insurance company Broker - ANSWERS-An insurance producer not appointed by an insurer and whom represents the client Insured - ANSWERS-A person covered by an insurance policy Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events ...

Abandonment - ANSWER-The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - ANSWER-A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - ANSWER-An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - ANSWER-The required amount to pay damages or for property loss, which is calcu...

summary of asymmetric information in microeconomics. First, the asymmetric information is explained with the lemons problem and examples and the mechanism that mitigates this problem. Then, it discusses adverse selection in insurance firms. Finally, the moral hazard is linked to the asymmetric information in a principal-agent relationship explained with a graphical and mathematical approach.

Health Insurance (Exam FX) Questions And Answers 100% Correct A Grade. Agent/Producer - ANSWERS-A legal representative of an insurance company Broker - ANSWERS-An insurance producer not appointed by an insurer and whom represents the client Insured - ANSWERS-A person covered by an insurance policy Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Pri...

Health Insurance (Exam FX) Questions And Answers 100% Correct A Grade. Agent/Producer - ANSWERS-A legal representative of an insurance company Broker - ANSWERS-An insurance producer not appointed by an insurer and whom represents the client Insured - ANSWERS-A person covered by an insurance policy Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Pri...