Peril the cause of loss - Study guides, Class notes & Summaries
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FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+)
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FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) 
FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) 
 
PROTECT & ENHANCE the assets of an organization - ANSWER - What is the primary jobs/functions of the chief risk manager? 
 
peril - ANSWER - a cause of loss 
 
insurance - ANSWER - a mechanism of risk transfer 
 
hazard - ANSWER - anything that increases the probability of or severity of a loss 
 
physical hazard - ANSWER - a literal obstac...
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Utah Health and Life Insurance Exam Questions and Answers Already Passed
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Utah Health and Life Insurance Exam 
Questions and Answers Already Passed 
 
Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death 
Distributions will become taxable 
 
Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is 
this annuity in? Accumulation period 
 
If threats or force is used to affect an insurance transaction, the unfair trade practice of 
_________ has been committed. Coercion 
 
A whole life policy option...
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CPCU 530 II Exam Questions with Correct Answers
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CPCU 530 II Exam Questions with Correct Answers 
What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. 
 
What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. 
 
What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured pro...
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USAA Licensing Exam Verified Questions And Answers 2024
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Insurance - Transfer of risk from one person or organization to an insurance company 
 
Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. 
 
Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums 
 
Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance 
 
Binder - Temporary insurance contr...
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RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified
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RMIN 4000 Test 1 Brown UGA 
Questions and Answers 100% Verified 
Exposures things of value (assets) that could be lost 
Perils things that cause injury or loss 
risk a calculated possibility of a negative outcome 
Frequency the number of losses (such as fire or theft) that occur within a specified time 
period. aka the probability of a loss 
Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much 
does it cost when the loss does occur? 
Hazard a conditio...
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Primerica Pre-licensing Course Solved Exam |Question and Answers| 100% Correct
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Primerica Pre-licensing Course Solved 
Exam |Question and Answers| 100% 
Correct 
agent *Ans* legal representative of an insurance company; the classification of producer 
usually includes agents and brokers; agents are the agents of the insurer 
insured *Ans* the person covered by the insurance policy; this person may or may not be the 
policyowner 
broker *Ans* an insurance agent not appointed by an insurer and is deemed to represent the 
client 
insurance policy *Ans* a contract between ...
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Louisiana Personal Lines Insurance Exam Already Graded A+
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Louisiana Personal Lines Insurance Exam Already Graded A+ 
104. Coverage for loss by some perils under a building and personal property form is suspended if 
(Choose from the following options) 
1. An uninsured peril causes a partial loss. 
2. The insured building is vacant for over 60 days. 
3. A loss occurs while a hazard beyond the insured's control is increased. 
4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 
days 
107. In...
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Property and Casualty Insurance Mastery Exam A Questions and Answers 100% Pass
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Property and Casualty Insurance Mastery Exam A 
Questions and Answers 100% Pass 
An insured rents a car while on vacation in Canada and causes an accident. Is there 
coverage under his personal auto policy? - Correct Answer ️️ -The loss is covered 
under an unendorsed personal auto policy. 
Under the workers' compensation laws, which of the following would NOT be covered? - 
Correct Answer ️️ -Heart-related illness resulting from hereditary causes 
An insurance policy covers fire, will ...
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Commercial Lines 101 CE Questions and Answers 2024
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Commercial Lines 101 CE Questions and 
Answers 2024 
Insurer - Answer -The insurance company 
Named Insured/Insured - Answer -The policyholder 
Financial Definition of Insurance - Answer -A financial agreement involving the redistribution of financial 
losses 
Legal Definition of Insurance - Answer -A contractual agreement in which one party (the insurer) agrees 
to compensate or indemnify another party (the insured) for fortuitous losses 
Loss Pooling - Answer -the sharing of total losses susta...
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FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+)
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FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) 
FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) 
 
Risk - ANSWER - The uncertainty of an outcome 
-Can be positive or negative 
 
Pure Risk - ANSWER - The chance of having a loss or chance of not having a loss (When insurance companies write a policy, the only policy they take under consideration) 
 
Subjective Risk - ANSWER - Attitude toward risk (Also known as your level of risk toler...
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