Property and casualty insurance Alabama (Well-enlightened)

Moral hazards correct answers are tendencies or traits of an individual that increase the chance of a loss. Bad credit is an example of a moral hazard affecting property. Morale hazard correct answers individual tendencies, but they arise from a state of mind, attitude, or indifference to loss. physical hazard correct answers individual physical characteristics that increase the chance of loss Basic policy covered perils correct answers fire lightning explosion windstorm or hail smoke aircraft or vehicles riot or civil commotion vandalism sprinkler leakage sinkhole collapse volcanic action fungus, wet rot, dry rot, and bacteria Strict liability correct answers also known as absolute liability, is imposed only in limited situations. Under strict liability, the law holds people responsible for injuries or damage even when they have not been careless or negligent. vicarious liability correct answers involved when one person is legally responsible for the acts of another. Underwriter's Risk Analysis correct answers an application agency report loss history data motor vehicle record (MVR) inspection report and photos (as required) loss control report credit information (if applicable) loss ratio correct answers compares the insurer's incurred losses with its earned premiums. by dividing incurred losses by earned premiums.