Peril and hazard Study guides, Class notes & Summaries

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Risk - Answer-chance of loss Peril - Answer-cause of loss (fire, wind, theft, etc) Direct Loss - Answer-the immediate result of an event caused by a covered peril Indirect Damage Loss - Answer-loss resulting from a direct loss to property (income loss expense resulting from the inability to use damaged property) Exposure - Answer-the state of being subject to risk Hazard - Answer-a condition that increased the likely occurrence of a peril or the likely severity of a loss (moral, m...

What is a peril? - Answer- A Peril is a cause of loss What is a hazard? - Answer- Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Answer- Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Answer- Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? - Answer- A Peril What are th...

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM Prep (Latest 2024/ 2025 UPDATE) QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A Q: Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost? Answer: Indemnity Q: legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss Answer:...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristi...

Insurance - Answer-transfer of risk Speculative risk - Answer-has a possibility of both loss and gain Pure risk - Answer-only has a possibility of loss (no gain) Exposure - Answer-risks for which an insurance company would be liable expressed in units Peril - Answer-cause of a loss Hazard - Answer-an increase in the chance of loss Moral hazard - Answer-arise from people's character (faking a loss) Morale hazard - Answer-state of mind or careless attitude (accidentally le...

KY Property and Casualty Insurance Pre-Licensing Examexposures - CORRECT ANSWER being subject to a loss risk - CORRECT ANSWER chance/possibility of loss Law of Large Numbers - CORRECT ANSWER the more numbers used in a statistic, the more accurate the statistic will be pure risk - CORRECT ANSWER only the possibility of loss speculative risk - CORRECT ANSWER a situation in which either profit or loss is possible Risk Management Strategies - CORRECT ANSWER Avoid, Reduce, Retain, Shar...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

AD Banker Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% correct| Grade A Q: In an insurance contract, the value that each party gives the other is called the: A. Acceptance B. Consideration C. Offer D. Subject matter Answer: B Consideration Consideration can take the form of money, goods, a promise to do something, or anything else that changes the legal position of the party. A contract cannot exist without consideration being given by both sides. Q...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...