Mastersgrade

Fundamentals of Insurance - Chapter 1 Correct Questions And Answers! - ANSWER The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - ANSWER To share the losses of a few among the many An analysis of the definition of insurance reveals five important points. Identify these five important points - ANSWER - Shifting one's financial responsibility for loss to another party - Payment made only in event of certain risk or peril - Pay...

Fundamentals of Insurance - Practice Exam| 100 Questions| Correct Answers(GRADED A) Three Main Categories Of Risk - ANSWER 1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - ANSWER B) Legal Capacity, Legality of Object, Consid...

Practice Exam 2: Fundamentals of Insurance: Level 1 Correct 100%(RATED A) Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - ANSWER True. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provided for pure risk only. - ANSWER True. Risk Retention or Self-insurance may be a practical risk management technique when...

Level 1 Fundamentals of Insurance Practice Exam| 100 Questions| Correct 100%(RATED A) Your client has made application for "appraisal". The intent of the appraisal process is to settle the dispute between your client and the insurer regarding the: a. Amount of the settlement being offered b. Denial of insurance coverage under the policy c. Right of the insured to purchase the salvage after an insured loss d. Premium charged to coverages being provided by the insurer - ANSWRRa An indi...

Fundamentals of Insurance - Self Exam Questions And Answers(Rated A) Five important points to the definition of insurance: - ANSWER -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduction -Source of Employment and Investment Capital

Fundamentals of Insurance - Practice Exam Correct Questions And Answers! The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - ANSWER b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - ANSWER c....

NIH stroke scale 2023 Latest Update (RATED A) 1a- Level of consciousness - ANSWER 0=Alert; keenly responsive 1=Not alert; but arousable by minor stimulation to obey, answer, or respond. 2=Not alert; requires repeated stimulation to attend or is obtunded and requires strong or painful stimulation to make movements (not stereotyped). 3=Responds only with reflex motor or autonomic effects or totally unresponsive, flaccid, and areflexic. 1b- LOC questions - ANSWER 0=answers to questions cor...

Fundamentals of Insurance Test Questions 7 With Correct Answers(RATED A)Insurance industry is over 700 years old? - AnswerTrue First type of insurance: - AnswerMarine Lloyd's of London is not an insurance company? - AnswerTrue Why was it important to the colonists of the new world to transfer the risks associated with the trade industry? - AnswerBecause they stood to lose everything with the loss of any one cargo What two insurance markets did the new colonies have? - AnswerLife & F...

Level 1 Fundamentals of Insurance Practice Exam Correct 100%(RATED A) Your client has made application for "appraisal". The intent of the appraisal process is to settle the dispute between your client and the insurer regarding the: a. Amount of the settlement being offered b. Denial of insurance coverage under the policy c. Right of the insured to purchase the salvage after an insured loss d. Premium charged to coverages being provided by the insurer - Answera An indifferent attitude...

Fundamentals of Insurance Final Test Latest Update 2023(Graded A) Risk - AnswerThe Chance of loss happening Insurance Policy - Answerlegal contract designed to cover specific future losses Product Option - AnswerSpecial features added to a basic policy that increase the cost of the premium Insured - AnswerIndividual who agrees to transfer risk by paying certain sums of money to the insurer Uninsured - AnswerAn individual who has no insurance at all Liability - AnswerLegal res...