MTA BUS MAINTAINER CHASSIS EXAM
CERTIFICATION EVALUATION TESTS
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
⩥ Reserve.
Answer: Collected premiums go into a pool called
⩥ The principle of indemnity.
Answer: Restoration to approximate previous financial condition; no
more, no less. One cannot profit from the loss.
⩥ Insurable interest.
Answer: Direct financial interest in protecting something or someone.
⩥ Lender interest.
Answer: A financial state in an insured item.
⩥ Risk.
Answer: The potential for financial loss; being exposed or open to
damage. An insured item.
,⩥ Evaluating exposure.
Answer: Expressed in dollars or units. A determining factor in issuing a
policy and setting a premium.
⩥ Hazard.
Answer: A condition increasing the likelihood or severity of a loss.
⩥ Exposure.
Answer: The possibility of a loss.
⩥ Moral hazard.
Answer: Results from the policyholder's conscious decision; involves
reckless behavior because of the financial security offered by insurance;
a type of "behavioral hazard"
⩥ Morale hazard.
Answer: results from policyholder's unconscious decisions results when
insured acts differently because of the comfort that insurance protection
provides; another form of behavioral hazard.
⩥ Conscious decisions.
Answer: moral hazard
,⩥ Unconscious decisions.
Answer: morale hazards
⩥ Physical hazard.
Answer: a physical condition that increases the change of a loss;
environmental, operational, or occupational
⩥ Risk.
Answer: when an insurer issues an insurance policy, the actual item,
person or organization that is being insured
⩥ Insurance.
Answer: An economic device used to protect against the risk of realizing
unforeseen and extraordinary financial loss is called.
⩥ Peril.
Answer: The actual cause of loss or damage
⩥ Direct loss.
Answer: Physical harm to tangible property
⩥ Indirect loss or Consequential loss.
Answer: An economic loss that results from a direct loss.
, ⩥ Direct loss.
Answer: physical damage
⩥ Indirect loss.
Answer: added expenses or lost income because of physical damage
⩥ Proximate Cause.
Answer: When there is an unbroken chain of events between an
occurrence and a loss, then that occurrence is the proximate cause of the
loss.
⩥ Occurrence.
Answer: An event, incident, or condition that causes damage (lighting
striking a house and damaging roof; a car veering off road and hitting
tree, a vandal smashing car windshield with a bat)
⩥ Original Occurrence.
Answer: Causes damage hat then leads to more damage. Proximate
cause of all resulting losses.
⩥ Covered damages.
CERTIFICATION EVALUATION TESTS
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
⩥ Reserve.
Answer: Collected premiums go into a pool called
⩥ The principle of indemnity.
Answer: Restoration to approximate previous financial condition; no
more, no less. One cannot profit from the loss.
⩥ Insurable interest.
Answer: Direct financial interest in protecting something or someone.
⩥ Lender interest.
Answer: A financial state in an insured item.
⩥ Risk.
Answer: The potential for financial loss; being exposed or open to
damage. An insured item.
,⩥ Evaluating exposure.
Answer: Expressed in dollars or units. A determining factor in issuing a
policy and setting a premium.
⩥ Hazard.
Answer: A condition increasing the likelihood or severity of a loss.
⩥ Exposure.
Answer: The possibility of a loss.
⩥ Moral hazard.
Answer: Results from the policyholder's conscious decision; involves
reckless behavior because of the financial security offered by insurance;
a type of "behavioral hazard"
⩥ Morale hazard.
Answer: results from policyholder's unconscious decisions results when
insured acts differently because of the comfort that insurance protection
provides; another form of behavioral hazard.
⩥ Conscious decisions.
Answer: moral hazard
,⩥ Unconscious decisions.
Answer: morale hazards
⩥ Physical hazard.
Answer: a physical condition that increases the change of a loss;
environmental, operational, or occupational
⩥ Risk.
Answer: when an insurer issues an insurance policy, the actual item,
person or organization that is being insured
⩥ Insurance.
Answer: An economic device used to protect against the risk of realizing
unforeseen and extraordinary financial loss is called.
⩥ Peril.
Answer: The actual cause of loss or damage
⩥ Direct loss.
Answer: Physical harm to tangible property
⩥ Indirect loss or Consequential loss.
Answer: An economic loss that results from a direct loss.
, ⩥ Direct loss.
Answer: physical damage
⩥ Indirect loss.
Answer: added expenses or lost income because of physical damage
⩥ Proximate Cause.
Answer: When there is an unbroken chain of events between an
occurrence and a loss, then that occurrence is the proximate cause of the
loss.
⩥ Occurrence.
Answer: An event, incident, or condition that causes damage (lighting
striking a house and damaging roof; a car veering off road and hitting
tree, a vandal smashing car windshield with a bat)
⩥ Original Occurrence.
Answer: Causes damage hat then leads to more damage. Proximate
cause of all resulting losses.
⩥ Covered damages.
