Pure risk states - Study guides, Class notes & Summaries

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Property/Casualty Illinois for State Exam Latest Update Graded A+ ISO (Insurance Services Office) ISO creates standardized property and casualty insurance policies that are approved by states and used as a standard policy for insurers. -they can be modified to comply with state regulations -may be modified to a degree for insurance companies to create their own policy form define insurance Insurance transfers the risk of loss from an individual or business entity to an insurance c...

RMI 2302 FSU NYCE EXAM 1 (Q&A) LATEST UPDATE ALREADY PASSED Risk Likelihood Frequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized High - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact Severity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to what? Frequency of losses ...

A nurse is planning care for a client who has borderline personality disorder who self-mutilates. Which of the following treatment approaches should the nurse plan to take? A. Restrict participation in group therapy sessions B. Establish consequences for self-mutilation C. Maintain close observation of the client D. Provide an unstructured environment - C. Maintain close observation of the client A nurse is assessing a client who has Stage 4 Alzheimer's disease. Which of the followin...

Property and Casualty Exam - Texas Questions with 100% Correct Answers ____ is uncertainty of loss risk ____ is a transfer of risk from the insured to the insurer insurance ____ risk means there is no chance of gain. It is insurable. pure ____ risk means there is a chance of a loss or a gain. It is not insurable. speculative a ____ is something that increases the risk. hazard the principle of _____ governs property and casualty policies. It states that the purpose...

Texas Property and Casualty Exam Questions and Answers Verified 100% ____ is uncertainty of loss - risk ____ is a transfer of risk from the insured to the insurer - insurance ____ risk means there is no chance of gain. It is insurable. - pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative a ____ is something that increases the risk. - hazard the principle of _____ governs property and casualty policies. It states that the purpose of th...

CA Life and Health Exam Questions and Answers Already Passed What is insurance? Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. What's the difference between pure risk and speculative risk? Pure risk is when you'll lose it all or there will be no change. Speculative risk you can either win or lose. What is peril? peril is the causes of loss insured against in an insurance policy What is hazard? conditions that increase the pr...

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

Private/Voluntary Insurance - ️️- neither required nor made available by the government, but does not meet recognized needs - ex: collision insurance in a PAP Adverse Selection - ️️- occurs when insureds with a high risk of loss attempt to purchase insurance and are successful in doing so - insurers attempt to PREVENT THIS (bad risk) - prevented by: 1. refusal to write 2. rating up 3. insurability standards *** deductibles do not prevent this Insurance - ️️- a plan of spre...

Mass State Life Insurance Exam Questions and Answers Already Passed Which of the following describes a participating life insurance policy? A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed? Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At wh...