AINS 21 | 276 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+

Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control technique that reduces the frequency of a particular loss Loss Reduction - A risk control technique that reduces the severity of a particular loss Exposure Unit - A fundamental measure of the loss exposure assumed by an insurer Property-casualty Insurance - One of the two main sectors of the insurance industry, encompassing numerous types of insurance, most of which cover the financial consequences of damage to one's own property or legal liability to others. Life-health Insurance - One of the two main sectors of the insurance industry, encompassing numerous types of insurance that cover the financial consequences of death, injury or sickness Utmost Good Faith - An obligation to act in complete honesty and to disclose all relevant facts