Consequential also known as Indirect Loss Correct Answer: An insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a result the insured lost income. What type of loss is this? Combined Single Correct Answer: The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance policy has a limit set at $500,000. This amount applies to the total of damages for any bodily injury a...

Law of Large Numbers Correct Answer: the more examples used to develop any statistic, the more reliable the statistic will be Underwriting Correct Answer: The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposure of a potential policyholders they decide how much coverage the policyholder should receive how much they should pay for it or whether even to except the risk and insure them. underwriti...