Valuable and indemnified - Study guides, Class notes & Summaries

_______ _____________ is a risk control technique that reduces the severity of a loss. it can occur preloss or post-loss. examples are duplication, diversification, and separation - Loss reduction __________________ _____________ is a risk financing technique in which you transfer liability by contract, hedging, or incorporation. - Non-Insurance transfer. 2 techniques for managing risk - risk control, risk financing 4 Steps in Risk Management Process - 1. Identify potential losses 2. Evalua...

WISE (Finance Economics) MULTIPLE CHOICE TEST QUESTIONS AND ANSWERS.

Under a Businessowners Policy, the policy's terms can be amended or waived only by endorsement issued by - Answer the insurer and made a part of the policy. All of the following are Valuable Papers and Records EXCEPT A. manuscripts, records, or abstracts. B. inscribed, printed, or written documents. C. books, deeds, drawings, films, maps, or mortgages. D. money or securities. - Answer money or securities. Paula and Peter Jones are both insureds on their Homeowners insurance policy w...

RIMS - CRMP Complete Study Guide; 1 Analyze the Business Model, 2 Developing Organizational Risk Strategies, 3 RIMS CRMP-Implementing the Risk Process Risks - Answer The effect of uncertainty on objectives The chance of something happening that will have an impact on objectives Being prepared for the worst and being poised to exploit opportunities as they are discovered Enterprise Risk Management - Answer A strategic business discipline that supports the achievement of an organiz...

PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS 1. Specific insur- ance 2. Blanket insur- ance This type of insurance designates a particular item to be insured This type of insurance covers more than one item of property at a single location or one more items of prop- erty at multiple locations. 3. Speculative possibility of both gain and loss. Not insurable. 4. Pure only the possibility of loss. Insurable. 5. What are the 5 methods of man- aging or handling risk? avo...

State Farm Estimatics Exam which of the following refers to being restored to the financial condition you were in before a loss? - Correct answer-indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - Correct answer-principle of indemnity the transfer of risk from one party to another is called - Correct answer-insurance ...

A surety bond is a written document in which one party guarantees a second party's - correct answer Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United States? - correct answer Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production? - correct answer A powe...

A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatically reinsured, is - correct answer Treaty reinsurance A surety's liability for a surety bond can only cease to exist when the underlying obligation/agreement has - correct answer been performed a...

Akiem owns a small hardware business. He plans to hire a contractor to build a new retail building for his business. Akiem contacted his financial planner for advice on the type of bods he should require from the contractor to be assured that the work will be completed properly, according to the specifications and in compliance with city building codes. Akiem believes that personal suretyship, backed by his brother (the surety), would be sufficient for his small business bond needs. What advice ...