AINS 21 Segment A Assignments 1–3 | Top-Scorin
Verified Answers
Loss exposure - (ANSWERS)Any condition or situation that presents a possibility
of loss, whether or not an actual loss occurs.
Risk management - (ANSWERS)The process of making and implementing
decisions that will minimize the adverse effects of accidental losses on an
organization.
Loss prevention - (ANSWERS)A risk control technique that reduces the frequency
of a particular loss.
Loss reduction - (ANSWERS)A risk control technique that reduces the severity of
particular loss.
Exposure unit - (ANSWERS)A fundamental measure of the loss exposure assumed
by an insurer.
Property-casualty insurance - (ANSWERS)One of the two main sectors of the
insurance industry, encompassing numerous types of insurance, most of which cov
the financial consequences of damage to one's own property or legal liability to
others.
Life-health insurance - (ANSWERS)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 - (ANSWERS)An obligation to act in complete honesty and to
disclose all relevant facts.
Contract of adhesion - (ANSWERS)Any contract in which one party must either
accept the agreement as written by the other party or reject it.
Contract of indemnity - (ANSWERS)A contract in which the insurer agrees, in the
event of a covered loss, to pay an amount directly related to the amount of the loss.
,AINS 21 Segment A Assignments 1–3 | Top-Scorin
Verified Answers
Self-contained policy - (ANSWERS)A single document that contains all the
agreements between the insured and the insurer and that forms a complete insuranc
policy.
Modular policy - (ANSWERS)An insurance policy that consists of several differen
documents, none of which by itself forms a complete policy.
Property insurance - (ANSWERS)Any type of insurance that indemnifies an insure
who suffers a financial loss because property has been lost, stolen, damaged, or
destroyed.
Liability insurance - (ANSWERS)Insurance that covers losses resulting from the
insured's liability to others.
Homeowners policy - (ANSWERS)Policy that covers most of the property and
liability loss exposures that arise out of residential property ownership and
occupancy, as well as property and liability loss exposures that individuals and
families may have while they are away from their residences.
Personal liability coverage - (ANSWERS)Coverage for damages, plus costs of any
defense, related to a claim or suit brought against the insured that resulted from
bodily injury or property damage caused by an occurrence covered under the policy
Personal auto policy (PAP) - (ANSWERS)An insurance policy that covers an
individual or a family against loss exposure arising out of the ownership,
maintenance, or use of automobiles.
Comprehensive coverage - (ANSWERS)Coverage for direct and accidental loss or
damage to a covered auto by any peril except collision or overturn or a peril
specifically excluded.
Personal watercraft policy - (ANSWERS)An insurance policy that covers an
Verified Answers
Loss exposure - (ANSWERS)Any condition or situation that presents a possibility
of loss, whether or not an actual loss occurs.
Risk management - (ANSWERS)The process of making and implementing
decisions that will minimize the adverse effects of accidental losses on an
organization.
Loss prevention - (ANSWERS)A risk control technique that reduces the frequency
of a particular loss.
Loss reduction - (ANSWERS)A risk control technique that reduces the severity of
particular loss.
Exposure unit - (ANSWERS)A fundamental measure of the loss exposure assumed
by an insurer.
Property-casualty insurance - (ANSWERS)One of the two main sectors of the
insurance industry, encompassing numerous types of insurance, most of which cov
the financial consequences of damage to one's own property or legal liability to
others.
Life-health insurance - (ANSWERS)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 - (ANSWERS)An obligation to act in complete honesty and to
disclose all relevant facts.
Contract of adhesion - (ANSWERS)Any contract in which one party must either
accept the agreement as written by the other party or reject it.
Contract of indemnity - (ANSWERS)A contract in which the insurer agrees, in the
event of a covered loss, to pay an amount directly related to the amount of the loss.
,AINS 21 Segment A Assignments 1–3 | Top-Scorin
Verified Answers
Self-contained policy - (ANSWERS)A single document that contains all the
agreements between the insured and the insurer and that forms a complete insuranc
policy.
Modular policy - (ANSWERS)An insurance policy that consists of several differen
documents, none of which by itself forms a complete policy.
Property insurance - (ANSWERS)Any type of insurance that indemnifies an insure
who suffers a financial loss because property has been lost, stolen, damaged, or
destroyed.
Liability insurance - (ANSWERS)Insurance that covers losses resulting from the
insured's liability to others.
Homeowners policy - (ANSWERS)Policy that covers most of the property and
liability loss exposures that arise out of residential property ownership and
occupancy, as well as property and liability loss exposures that individuals and
families may have while they are away from their residences.
Personal liability coverage - (ANSWERS)Coverage for damages, plus costs of any
defense, related to a claim or suit brought against the insured that resulted from
bodily injury or property damage caused by an occurrence covered under the policy
Personal auto policy (PAP) - (ANSWERS)An insurance policy that covers an
individual or a family against loss exposure arising out of the ownership,
maintenance, or use of automobiles.
Comprehensive coverage - (ANSWERS)Coverage for direct and accidental loss or
damage to a covered auto by any peril except collision or overturn or a peril
specifically excluded.
Personal watercraft policy - (ANSWERS)An insurance policy that covers an
