Pure economic loss Study guides, Revision notes & Summaries

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

Iowa Crop Insurance Exam All Answers Correct Insurable Interest Economic stake in which a loss would result in financial hardship Risk uncertainly or chance of loss Brainpower Read More Two types of risk Pure and Speculative Pure Risk involves only the possibility of loss or no loss Speculative Risk Chance of loss or gain What type if risk does insurance deal with? Pure Risk Hazard condition that creates or increases the probability of a loss Physical hazard exa...

ACA Final Exam Questions and Answers 2023 At the end of this course, you must do which of the following? Pass the final course exam with a scored of 70% or higher Print your certificate from this website Apply for your Insurance Adjuster license at the Florida Department of Financial Services website at All of the above All of the above Which of the following is NOT one of the duties of the Department of Financial Services? License adjusters Set rates and write policies ...

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer-C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - Answer-A. O...

Insurance Transfer of risk from one person or organization to an insurance company Indemnity The principle to restore the insured to the pre-loss economic or financial condition. Brainpower Read More Law of Large numbers Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binde...

AINS 101 Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update) Q: In personal property-casualty insurance, which is more common: manu- script forms or pre-printed policies? Answer: Pre-printed policies Q: Which statement is true? Answer: A policy begins with a coverage overview, then goes into more coverage details Q: Which of these is an example of general damages? Answer: Compensation for disfigurement ...

Florida 2-15 Insurance Exam Review 100 Questions with Verified Answers. In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur ️ C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risk...

LEG2601 Legal Aspects of Environmental Management 100 Marks 24 Hours THIS PAPER CONSISTS OF 6 (SIX) PAGES – INCLUDING INSTRUCTIONS. Honesty Declaration: In writing and submitting this paper you affirm that: 1. You understand what academic dishonesty entails and are aware of UNISA’s policies in this regard. 2. You have not allowed, and will not allow, anyone to copy your work with the intention of passing it off as his or her own work. 3. You did not make use of another ...