Identify loss exposures - Study guides, Class notes & Summaries

Solution Manual for Risk Management And Insurance 12th Edition James Trieschmann Sandra Gustavson Sandra Gustavson, Robert Hoyt Sandra Gustavson, Robert Hoyt, David Sommer-1. Risk can be defined as uncertainty as to loss. Risk can create an economic burden by requiring reserve funds to pay for contingent losses and price increases of some goods and services. Risk may deprive society of some goods and services that are determined to involve too much risk to justify their production. 2. a. Pur...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? - ANSWER-0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss severity in 2019? - ANSWER-8500 (136M/16K) Michael Scott...

CISR - Agency Operations Exam 65 Questions with Answers Professional - CORRECT ANSWER One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - CORRECT ANSWER What are the benefits of being ethical? True - CORRECT ANSWER Is this example an ethical issue? Rating a vehicle using the wrong classification No - CORRECT ANSWER Are you allowed to sign for the insu...

For public entities such as cities, counties and public utilities, which one of the following is normally the most important post-loss risk management goal? Choose one answer. A. Growth B. Profitability C. Continuity of operations D. Earnings stability -Answer C. Continuity of operations Which one of the following is the goal of enterprise-wide risk management (ERM)? Choose one answer. A. Coordinate loss reduction efforts B. Reduce risk management costs C. Decentralize control of busi...

Chp 1 : Summarize the three elements of loss exposures - (1) Assets exposed to loss (2) Cause of Loss (3) Financial consequence of loss Chp 1 : Describe the property loss exposures that individuals and families might face in terms of each of the following: (1) The assets exposed to loss (2) The causes of loss (3) the financial consequences of loss - Property is 'your items" so... (1) Buildings, personal materials such as computers, and furniture. (2) Fire to a building, theft of items ...

WATER RESTORATION Exam IICRC Questions and Answers Already Passed The most critical course of action in restoration during is to _______ an begin __________ as soon as possible respond quickly & mitigation All restorers should follow the standard of care for the water restoration profession developed by the restoration industry entitled the IICRC ____. s500 to help protect technicians from the many hazards associated with contaminated water losses restorers need to have ready access...

Test Bank for Advanced Assessment Interpreting Findings and Formulating Differential Diagnoses, 4th Edition, Mary Jo Goolsby, Laurie Grubbs Table of Contents Chapter 1. Assessment and Clinical Decision-Making: Overview ................................................ 2 Chapter 2. An Overview of Genetic Assessment ......................................................................... 5 Chapter 3. Skin ...............................................................................................

PHP 405 Final Exam Questions With Answers Graded A+ State the main similarity and main difference between cohort and experimental studies? The main similarity is that both compare two or more exposure groups, which are followed to monitor outcome rates. The main difference is that the investigators allocate the exposure in experimental studies, and the participants choose their exposure in cohort studies describe the strengths and weaknesses of the three types of comparison groups used in...

ASP 2024 Practice Test Questions and Answers All Correct Which system has as its primary functions to identify hazardous conditions, assess their risk, and establish effective risk control measures? Risk Control Risk Management Loss Control Loss Management - Answer-*Loss Control Loss Control is - Answer-the proactive measures taken to prevent or reduce loss evolving from accident, injury, illness and property damage. The aim of the loss control is to reduce the frequency and severity ...