Risk chance of loss - Study guides, Class notes & Summaries
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FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+)
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FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) 
FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) 
 
Risk - ANSWER - The uncertainty of an outcome 
-Can be positive or negative 
 
Pure Risk - ANSWER - The chance of having a loss or chance of not having a loss (When insurance companies write a policy, the only policy they take under consideration) 
 
Subjective Risk - ANSWER - Attitude toward risk (Also known as your level of risk toler...
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RMIN EXAM 1 CH 1-4 QUESTIONS & ANSWERS
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RMIN EXAM 1 CH 1-4 QUESTIONS & ANSWERS 
The property and liability insurance industry is characterized by a receptive pattern of loose 
underwriting standards with low premiums followed by tight underwriting standards with high 
premiums. This repetitive patter is called the: 
a. underwriting cycle 
b. underwriting by exception method 
c. business cycle 
d. account underwriting method - ANS-a. underwriting cycle 
A situation or circumstance in which a loss is possible, regardless of whether a ...
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Exam Fx Life and Health Tip Sheet Questions With Complete Solutions
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Perils correct answer: the cause of loss 
 
Policy Owner correct answer: the person who has the rights and privileges in the policy 
 
Risk correct answer: Uncertainty or chance of loss 
-Pure Risk(Insurable) 
-Speculative(Uninsurable) 
 
Insured correct answer: the person covered by the insurance policy 
 
insurer correct answer: a company that issues an insurance policy 
 
Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...
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MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
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Definintion of Insurance 
Correct Answer: "A social device for transferring risk through an accumulation of funds" 
Policy 
Correct Answer: A contract with the insurance company (insurer) that states what the policyowner 
(insured) must pay for and what they agree to cover if damage or loss occurs. 
Premium 
Correct Answer: A set amount that must be paid for a Policy. 
Concept of Risk 
Correct Answer: Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, 
whi...
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Practice Exam for CAIB 1 Latest 2023 with complete solution
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1.	Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest 
Utmost Good Faith Indemnity 
2.	Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...
Too much month left at the end of the money?
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Louisiana Life, Health, and Accident Insurance Licensing Exam questions and 100% correct answers
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Insurance - correct answer the transfer of Pure risk to the insurance company in consideration for a premium 
 
must be pure risk and calculable. 
 
Pure Risk - correct answer the chance of loss without any chance of gain; insurable 
 
Speculative Risk - correct answer possibility for gain or loss; not insurable 
 
Risk - correct answer Chance of loss 
 
Exposure - correct answer a condition that could result in loss 
 
hazard - correct answer something that increases the chance of loss 
 ...
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Oklahoma Property and Casualty Insurance Exam 2023 with 100% correct answers
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Risk - correct answerThe chance or uncertainty of loss. 
 
Methods of Managing Risk - correct answer1. Avoid risk 
2. Control risk 
3. Retain a risk 
4. Transfer a risk 
 
Avoid Risk - correct answerNever get into a car. 
 
Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. 
 
Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. 
 
Transfer a Risk - correct answerUse a Hold Harmless Agreem...
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BPK 110 Final Review Questions and Answers 2024 with complete solution
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BPK 110 Final Review Questions and 
Answers 2024 with complete solution 
Differentiate between complete and incomplete proteins and provide typical sources of each. - 
Answer ️️ -Complete proteins: Have all nine essential amino acids. 
Ex. Animal sources of protein (milk, meat) 
Incomplete proteins: Lack one or more of the essential amino acids. 
Ex. Plant sources of proteins (legumes) 
Describe the molecular structure of proteins and the four levels of protein structure. Which bonds 
are es...
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Final Exam: NURS 6540/ NURS6540 Test Bank | Advanced Practice Care of Frail Elders| More than 200 Questions and Answers with Rationales | Complete Guide| Verified 2023/2024
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Final Exam: NURS 6540/ NURS6540 Test Bank | Advanced Practice Care of Frail Elders| More than 200 Questions and Answers with Rationales | Complete Guide| Verified 2023/2024 
 
 
1. Mrs. Keating is a 70-year-old woman suffering from arthritis. She is seeing the nurse practitioner for her regular checkup. For a person with chronic degenerative conditions, which of the following should the nurse suggest for health promotion? 
 
 
1. Take herbal supplements. 
2. Increase physical activity. 
3. Take ...
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California property and casualty exam, Pool Questions & Answers. Verified. Rated A
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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...
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