Homogeneous risk - Study guides, Class notes & Summaries

AIDA 181 (New 2023/ 2024 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers| 100% Correct| Graded A QUESTION Often, machine learning Select one: A. Reveals relationship and trends not found through traditional ratemaking analysis. B. Is not appropriate for smaller insurers, which do not have access to large amounts of data. C. Implements a flat rate increase for all of an insurer's homeowners policies. D. Is simply a ratio that measures loss ...

The United States ranks 50th in the world for maternal mortality and 41st among industrialized nations for infant mortality rate. When developing programs to assist in decreasing these rates, which factor would most likely need to be addressed as having the greatest impact? A) Resolving all language and cultural differences B) Assuring early and adequate prenatal care C) Providing more extensive womens shelters D) Encouraging all women to eat a balanced diet 2. When integrating the princi...

What is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they make their estimate. What is the definition of "particular risk"? - Loss possibilities that affect only individuals or small groups of individuals at the same time What is the definition of "fundam...

Insurance correct answer: protects from loss; transfer of risk Risk correct answer: uncertainty or chance of loss occurring Pure risk correct answer: can only result in loss and no gain; what insurance companies are willing to accept Speculative risk correct answer: opportunity for either loss or gain; like gambling Exposure correct answer: units of measure used to determine rates charged for insurance coverage (age, occupation, medical history and sex) Homogeneous correct an...

Insurance is a... - transfer of risk What type of risk is gambling? - Speculative Risk What type of risk is a car accident? - Pure Risk What type of risk is insurable? - Pure Risk uncertainty about whether a loss will occur - Risk Risk Management Method Acronym - STARR (sharing, transfer, avoidance, retention, reduction) Insurance company purchases insurance to cover their own exposure to loss - reinsurance Loss Equation - value before loss - value after loss = total amount of loss Reduc...

Which of the following is NOT true about social insurances? A Participation Is mandatory and automatic for all elipible citizens B Social insurance provides equal benefits to all citizens that contribute C The government, as an insurance provider, has a clear and strong monopoly D Benefits are prescribed by law any changes to the benefit structure and provisions are made by changes in the law - B Social insurance provides equal benefits to all citizens that contribute Which of the followin...

Test bank For Women's Health Care in Advanced Practice Nursing 2nd Edition by Ivy M Alexander | 2017/2018 | 9780826190017 | Chapter 1-46 | Complete Questions and Answers A+ Chapter 1 Women and Their Health The United States ranks 50th in the world for maternal mortality and 41st among industrialized nations for 1. infant mortality rate. When developing programs to assist in decreasing these rates, which factor would most likely need to be addressed as having the greatest impact? A) Resolving al...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

What is a peril? CORRECT ANSWER A Peril is a cause of loss What is a hazard? CORRECT ANSWER Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? CORRECT ANSWER Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? CORRECT ANSWER Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? CORRECT ANSW...

HS 311 Fundamentals of Insurance Planning Study Guide Questions and Verified Solutions Latest Update What is the definition of "risk"? - Answer -the possibility of loss. Types of hazards? - Answer -Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - Answer -By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they make their estimate. What is the definition of "particular risk"? - Answ...