Insurance indemnifies - Study guides, Class notes & Summaries

Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control technique that reduces the frequency of a particular loss Loss Reduction - A risk control technique that reduces the severity of a particular loss Exposure Unit - A fundamental measure of the loss ...

Pennsylvania Public Adjuster Examination--Series 16-19 Set 2 Latest Update Graded A+ The program trigger in 2016 under the Terrorism Risk Insurance Act covered property and casualty losses that exceeded ______ in the aggregate. In 2017, the program will cover losses that exceed _____ in the aggregate. A. $120 million,/ $140 million B. $100 million / $120 million C. $140 million / $160 million D. $90 million / $100 million A. The Act covers losses from a certified terrorism act tha...

Loss exposure Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention A risk control technique that reduces the frequency of a particular loss Loss reduction A risk control technique that reduces the severity of a particular loss Exposure unit A fundamental measure of the loss exposure as...

Q: What is the definition of property insurance : : Property insurance is first-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered cause of loss, such as fire or explosion. Q: What are some examples of types of property that might be covered by property insurance : : Some examples are real property such as dwellings and detached buildings such as sheds or garages; pers...

California Life Accident And Health Exam 2024. A ABC INSURANCE - Correct Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED - Correct Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED - Correct Answ...

The type of insurance that guarantees the behavior of persons and the performance of contracts other than insurance policies is known as - Surety insurance. Surety insurance includes the guaranteeing of behavior of persons and the guaranteeing of performance of contracts other than insurance policies and other than for payments secured by a mortgage, deed of trust, or other instrument constituting a lien or charge on real estate. Which type of insurance guarantees or indemnifies owners of ...

A participating company is also referred to as which type of insurer? - CORRECT ANSWER-Mutual insurer An insurer owned by its policyholders, is called a - CORRECT ANSWER-Mutual insurer What is a participating life insurance policy? - CORRECT ANSWER-Contract that allows the policyowner to receive a share of surplus in the form of policy dividends An insurer enter into a contract with a third-party to ensure itself against losses from insurance policies it issues. What is this agreement ca...

2-20 Florida Insurance Exam Questions and Answers 100% Pass Pure Risk - Correct Answer ️️ -a situation that presents the opportunity for loss, but no opportunity for gain. due to physical damage or bodily injury. Ex. Fire Loss- not anticipated but poss. Speculative Risk - Correct Answer ️️ -We speculate or have uncertainty about an event under consideration that could produce either profit or loss. Ex. Lottery or Betting Policy - Correct Answer ️️ -Written contract or agreem...

What insurance provides coverage that indemnifies the insured against loss arising from the lack of integrity or fidelity of persons holding positions of trust, from the insolvency of debtors, or from breaches of contract? A Property insurance B Liability insurance C There is not insurance for this kind of coverage D Surety insurance correct answers D Surety insurance Surety insurance is coverage that indemnifies the insured against loss arising from the lack of integrity or fidelit...

Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control technique that reduces the frequency of a particular loss Loss Reduction - A risk control technique that reduces the severity of a particular loss Exposure Unit - A fundamental measure of the loss ...