Lessening moral hazard - Samenvattingen, Aantekeningen en Examens

risk correct answers the possibility that a loss may occur speculative risk correct answers possibility of loss, possibility of gain (gambling) pure risk correct answers only involving loss, not gain (car accident) exposure correct answers the possibility that loss will occur (house fire) loss correct answers the unforeseen, unintended damage to property, injury, amount paid hazard correct answers anything that increases the chances of a loss occurring moral hazard correct answ...

Insurance is a... - transfer of risk What type of risk is gambling? - Speculative Risk What type of risk is a car accident? - Pure Risk What type of risk is insurable? - Pure Risk uncertainty about whether a loss will occur - Risk Risk Management Method Acronym - STARR (sharing, transfer, avoidance, retention, reduction) Insurance company purchases insurance to cover their own exposure to loss - reinsurance Loss Equation - value before loss - value after loss = total amount of loss Reduc...

Health Insurance (Exam FX) Questions and Answers 100% pass Agent/Producer - Answer- A legal representative of an insurance company Broker - Answer- An insurance producer not appointed by an insurer and whom represents the client Insured - Answer- A person covered by an insurance policy Insurance policy - Answer- 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 - Ans...

Health Insurance (Exam FX 2024 WITH COMPLETE SOLUTION) Agent/Producer - Answer ️️ -A legal representative of an insurance company Broker - Answer ️️ -An insurance producer not appointed by an insurer and whom represents the client Insured - Answer ️️ -A person covered by an insurance policy Insurance policy - Answer ️️ -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 ...

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

Michigan Property & Casualty Insurance ExamRisk - correct answer The possibility that a loss will occur Speculative Risk - correct answer Chance of loss or gain Pure Risk - correct answer only the possibility of loss Peril - correct answer cause of loss Exposure - correct answer The potential for accidents and other losses Direct Loss - correct answer Loss that is a direct result of a peril, such as fire. Indirect Loss - correct answer Loss that is a result or consequence of a ...

Health Insurance (Exam FX) Already Graded 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 pol...

Health Insurance (Exam FX 2024 WITH COMPLETE SOLUTION) Agent/Producer - Answer ️️ -A legal representative of an insurance company Broker - Answer ️️ -An insurance producer not appointed by an insurer and whom represents the client Insured - Answer ️️ -A person covered by an insurance policy Insurance policy - Answer ️️ -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 ...

Health Insurance (Exam FX) Questions and Answers 100% pass Agent/Producer - Answer- A legal representative of an insurance company Broker - Answer- An insurance producer not appointed by an insurer and whom represents the client Insured - Answer- A person covered by an insurance policy Insurance policy - Answer- 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 - Ans...

CT Property and Casualty State Exam 100% Solved risk is the possibility a loss will occur. Two Types of Risks Speculative and Pure. Speculative Risk have a possibility of a loss and also the possibility of a gain. (not covered by insurance companies) examples of speculative risk Gambling and Investing. Pure Risks ONLY involve the possibility of experiencing a loss, not a gain. (covered by insurance companies) Example of Pure Risk Car Accidents Exposure The potential for accidents and other...