Risk retention groups - Study guides, Class notes & Summaries

Texas All Lines AdjusterReinsurance Allows an insurance company to sell part of the risk they have assumed from a policyholder and thereby write more insurance and protect the company from any large losses it would not be able to handle on its own. Stock Companies Insurance companies owned by stockholders. Charge non-assessable fixed premiums. If company creates a profit, they may pay stockholders through dividends Mutual Companies Insurance company owned by the policyholders. Can p...

California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) Two methods of determining insurance need: - ANSWER - - Human Life Approach - Needs Approach Human Life Value Approach~ - ANSWER - - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will su...

Exam 3: NUR204 / NUR 204 (Latest 2024 / 2025 Update) Leadership and Management | Questions and Verified Answers 100% Correct | Grade A - Fortis Question: When a nurse uses a criteria such as "high risk for falls", "infection protocols" and a "special communication needs" to determine the mix and number of staff needed on a lemon tree unit, what is the nurse using? - A patient classification system. - Clinical pathways. - Diagnostic related groups. - Case management. Answer: -...

Human Life Value is the economic valuation of an individual based on the individual's ____________ both present and future. - CORRECT ANSWER- earning potential: This earning's potential valuation extends to the individual's dependents as their existence and subsidence depends on the individual's viability as a wage earner and financial provider. Never flying in a plane will greatly reduce the likelihood of ever being involved in an airplane crash. This is an example of which risk manag...

risk avoidance correct answers occurs when individuals evade risk entirely risk reduction correct answers occurs when chances of risk are lessened risk retention correct answers is being aware of the risks involved and taking precautions for financial protection. risk transference correct answers is the act of shifting the responsibility of risk to another in the form of an insurance contract. physical correct answers A bodily disease of endangerment, such as cancer, presents a _____...

Massachusetts Life and Health Insurance Exam Study Guide. Insurance - answerTransfer of Risk Risk - answerUncertainty/ Possibility of Loss Exposure - answerRisks for which the insurance company would be liable Peril - answerCause of Loss Hazard - answerSomething that causes an increase in the chance of loss Physical Hazard - answerHazard that can be seen Moral Hazard - answerA belief that intentionally causing a loss is acceptable Morale Hazard - answerCarelessness STARR - answerMethod...

CA Life, Accident, & Health Practice Exam/ 475 Qs & Ans/ . Terms like: Why would a large manufacturer choose to self-insure rather than buy an insurance policy from an insurance company? - Answer: to save insurance premiums by paying relatively minor losses out of company funds The federal Risk Retention Act of 1986 contains guidelines for which of the following entities? - Answer: Risk retention groups Which of the following is an example of an unauthorized insurance company in Illino...

  A charge nurse is discussing mental status exams with a newly licensed nurse. Which of the following statements by the newly licensed nurse indicates an understanding of the teaching? (Select all that apply) A. "To assess cognitive ability, I should ask the client to count backward by sevens." B. "To assess affect, I should observe the client's facial expression." C. "To assess language ability, I should instruct the client to write a sentence." D. "To asse...

California Insurance Exam Questions and Answers 100% Pass Two methods of determining insurance need: - Correct Answer ️️ -- Human Life Approach - Needs Approach Human Life Value Approach~ - Correct Answer ️️ -- One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on ...

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...