Speculative risk Study guides, Class notes & Summaries

Texas Property & Casualty Insurance License Exam with Accurate Answers 2023 In order to be considered legally binding, an insurance contract must include all of the following - Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent parties.) With respect to a bonded contractor who defaults on a construction performance contract, which of the following statements is...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsCA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsAdmitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER-An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transa...

TEST BANK Enterprise Risk Management S - The Marketplace to Buy and Sell your Study Material 1 RSK2601 TEST BANK Question 1 Which one of the following is a benefit of effective risk and opportunity management? 1) Improved profit certainty 2) Increased shareholder value 3) Increased stakeholder confidence Correct option 3 4) Lower economic returns Explanation Improved cost certainty, sustainable shareholder value, increased stakeholder confidence and higher economic returns...

CA Life Insurance Exam Questions and Answers 100% Pass What is meant by referring to an insurance policy as a unilateral contract? Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? At all times. Any situation that presents the possibility of a loss is known as a loss exposure Which of the following information is not required to be communicated in a Life insurance contract? Personal ...

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....

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no...

ARM 400 Exam Questions and Answers 100% Verified what two things lie at the base of every risk management concept - answerthe intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - answerroot cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - answerit can only look backward and might not catch all root causes what are the 3 steps in how ...

Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both pure risks and speculative risks are insurable. c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...

Alabama Life & Health Insurance Exam Questions and answers Which of the following would be considered a speculative risk? - ANSWER-The possibility the painting you bought might be a long-lost masterpiece A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices describe pure risk, where there is no chance of gain, only a chance of loss exists. Which is the proper term for a company owned by its poli...

California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers) Admitted Insurance Company vs. Non-Admitted Insurance Company - (Correct Answer) An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of fa...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 Admitted Insurance Company vs. Non-Admitted Insurance Company An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (...