Pennsylvania Property and Casualty questions n answers 2024

Pennsylvania Property and CasualtyLoss control Refers to actions taken and strategies implemented to reduce the frequency or severity of a loss. Insurance companies commonly incentivize their customers to implement loss contras by offering discounts that reduce insurance premiums -insurers make loss payments to insureds when a-loss is experienced to satisfy their contractual obligation to indemnify insureds against covered losses. - insurance may be used to protect large purchases of real and personal property Risk The chance or uncertainty that a loss will occur Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute Full screen Pure Risk The only type of risk considered to be potentially insurable Speculative risk Any kind of risk that could result in either loss or gain and is typically not insurable Loss Exposure The possibility of financial loss due to risk. The severity of an individual or entity's loss exposure increases or decreases depending on their habits, location, and many other characteristics Property Loss Exposure The possibility of loss to the value or usability of property or a physical, tangible asset. Liability loss exposure Loss resulting from injuries or damages the insured causes to another party as a result of negligence, requiring the insured to compensate the other party for the injuries or damages caused. Loss Any injury or damage suffered by the insured because of an accident or event covered under an insurance policy. Peril An event, situation, or circumstance that results in property damage or loss Hazard