Ains 21 segment b - Study guides, Class notes & Summaries

AINS 21 - Segment A | 137 Questions with 100 % correct answers | Verified& Updated 2024 | Already Passed From a risk management viewpoint, insurance is used to A. Prevent the cost of losses B. Reduce the cost of losses C. Transfer the cost of losses D. Isolate the cost of losses. - C. Transfer the cost of losses. A loss exposure is: A. Any condition that presents the possibility of a loss. B. Any condition that precludes the chance of loss. C. The same thing as a peril. D. The same...

AINS 21 Segment B (Chapters 4-6)EXAM QUESTIONS WITH ALL CORRECT ANSWERS | GRADED A+ claim - a demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy claimant - anyone who submits a claim to an insurer first party - the insured in an insurance contract third party - a person or business who is not a party to the insurance contract but who asserts a claim against the insured claim representative (or adjuster) - a person resp...

AINS 21 - Segment A | 137 Questions with 100 % correct answers | Verified& Updated 2024 | Already Passed From a risk management viewpoint, insurance is used to A. Prevent the cost of losses B. Reduce the cost of losses C. Transfer the cost of losses D. Isolate the cost of losses. - C. Transfer the cost of losses. A loss exposure is: A. Any condition that presents the possibility of a loss. B. Any condition that precludes the chance of loss. C. The same thing as a peril. D. The same th...

When an insurance company appoints an insurance agent to serve as its representative, what specifies the scope of authority given to the agent in this relationship? A. A unilateral contract B. Binding authority C. An agency contract D. Implied authority - ️️C. An agency contract Which one of the following best describes the elements of authority and control in an agency relationship? A. Neither the agent nor the principal have authority or control over each other's actions. B. The ...

claim - ️️a demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy claimant - ️️anyone who submits a claim to an insurer first party - ️️the insured in an insurance contract third party - ️️a person or business who is not a party to the insurance contract bu who asserts a claim against the insured claim representative (or adjuster) - ️️a person responsible for verifying coverage, determining the caus...