Effectuation - Study guides, Class notes & Summaries

Perils: - ️️The causes of loss insured against in an insurance policy. -Life insurance -Health insurance -Property insurance -Casualty insurance Direct response marketing: - ️️A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone, through the mail, or online. This is a perfectly legal approach to selling insurance. It is not mandatory in all situations for the insured to physically sign any documents in order for coverag...

Defining Entrepreneurship correct answers -One who undertakes to organize, manage, and assume the risks of a business -The process of creating value by bringing together a unique package of resources to exploit an opportunity -Pursuit of opportunity w/o regard to resources currently controlled Is ent. teachable? correct answers -In the past, the answer was no -Entrepreneurship holds to a common process -That process is teachable, and there are common skills underlying it Is ent. th...

Adverse Selection correct answersInsuring of risks more prone to loss than the average Agent/Producer correct answerslegal representative of an insurance company Applicant/Proposed insured correct answersa person applying for insurance Hazard correct answersConditions that increase the probability of a loss Moral correct answerstendency toward increased risk (driving fast) Morale correct answersindifference towards risk (not locking the door) Indemnity correct answersrestoring ...

Life and Health Exam Questions and Answers 100% Solved Chapter 1: Completing the application, underwriting, and delivering the policy: ️️ What is insurance? ️️Insurance TRANSFERS the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals.If there were no insurance mechanism, the cost of a loss would have to be borne solely by the individual who suffered the loss. What is included unde...

Study Guide for OHIO Life Insurance Exam 2024 Final Q&A Insurance: - CORRECT ANSWER-A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - CORRECT ANSWER-The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - CORRECT ANSWER-A direct response marketin...

Benefit Corporation (or B-Corp) correct answers A form of organization that ensures strict standards of social and environmental performance, accountability, and transparency are met Corporate Entrepreneurship correct answers A process of creating new products, ventures, processes, or renewal within large organizations Effectuation correct answers The idea that the future is unpredictable yet controllable Entrepreneur correct answers An individual or a group who creates something new—...

Test Bank For Entrepreneurship: The Practice and Mindset 1st Edition by Heidi M. Neck Christopher P. Neck ,Emma L. Murray Chapter 1: Entrepreneurship: A Global Social MovementTest Bank Multiple Choice 1. The authors define entrepreneurship as . a. a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences b. starting a small business by finding investors and launching a product c. developing a new market by crea...

Nebraska State Life and Health Insurance Exam Terms Questions and Answers 100% Pass Adverse Selection - Answer- Insuring of risks more prone to loss than the average Agent/Producer - Answer- legal representative of an insurance company Applicant/Proposed insured - Answer- a person applying for insurance Hazard - Answer- Conditions that increase the probability of a loss Moral - Answer- tendency toward increased risk (driving fast) Morale - Answer- indifference towards risk (not locking th...

Idaho Portion – Insurance Exam Questions and Answers 100% Correct Idaho Portion – Insurance Exam Questions and Answers 100% Correct Idaho Portion – Insurance Exam Questions and Answers 100% Correct Insurance Transaction - ANSWER-Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation - ANSWER-offer advice/communicate directly with purchaser regarding benefits Sale - ANSWER-effectuation of a contract of insurance Insurance...

COBRA (because she can convert, and if she has a long term illness it it will be hard for her to get approved for individual insurance) Correct Answer Kevin and Nancy are married; Kevin is the primary breadwinner and has a health insurance policy that covers both him and his wife. Nancy has an illness that requires significant medical attention. Kevin and Nancy decide to legally separate, which means that Nancy will no longer be eligible for health insurance coverage under Kevin. Which of the fo...