Samenvattingen, Aantekeningen en Examens

According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disabled before they retire. - ️️A. Fewer than one-half of...

According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disabled before they retire. A. Fewer than one-half of Social ...

Loss Exposure Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. The three elements of loss exposure A loss exposure is given by the following three elements: asset exposed to loss, cause of loss, financial consequence of loss What is an asset exposed to loss? Give examples. An asset exposed to loss can be any item with value that is exposed to a possible reduction in that value due to loss. (Examples: home, personal property, money, autom...

A policy issued by a mutual insurer describes each insured's right to vote in the election of the board of directors. This description is most likely found in the policy's Miscellaneous provisions are often unique to a particular type of insurer, such as a description of voting rights for a mutual insurer. All of the following are risk control techniques used by individuals and families, EXCEPT Retention Which one of the following statements regarding assets exposed to loss is true? Ligh...

Darlene recently gave her son, Fred, a gift of $100,000 to start a new business. Which one of the following correctly describes the federal tax implications of this transaction? A portion of the gift is subject to gift taxation, and Darlene is responsible for any taxes due. The Richleys have an HO-3 policy. A freelance deliveryman cut across the grass, rather than using the walk to the Richleys' front door, and twisted his ankle on the unlevel surface. He had to go to the emergency room and ...

Personal property coverage for watercraft is Provided on a limited basis for rowboats and canoes under both the homeowners policy and the DP-3 policy. For an urban area subject to riot and civil commotion, the operators of a group that jointly underwrite and share the risks and profits of property insurance in that area are known as A syndicate. Alita owns a single-family home which she insures under a Dwelling Property 3—Special Form (DP-3) with a Coverage A limit of $150,000, a Coverag...

Summarize the three elements of loss exposures Every loss exposure has three elements: Asset exposed to loss Cause of loss Financial consequence of loss Examples of Assets (Real Property) Exposed to Loss Land, buildings, other structures attached to the land (swimming pool, storage shed, flagpole), whatever is growing on the land (tress, crops), and anything embedded in the land (foundations, underground pipes) Examples of Assets (Personal Property) Exposed to Loss Dwelling contents, ...

What are the different approaches (6) auto insurers and state governments have designed to compensate auto accident victims? 1. Tort liability system 2. Financial responsibility laws 3. Compulsory insurance laws 4. Uninsured motorist coverage 5. Underinsured motorist coverage 6. No-fault insurance Briefly describe how the tort liability system compensates injured auto accident victims. If a driver operates an auto in a negligent manner that results in bodily injury or property damage to ...

Described what expenses, other than the costs of living, a primary wage earner who becomes disabled or suffers a serious health condition might incur because of that disability or condition. The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work.

Identify how individuals can supplement the minimal retirement income Social Security provides. They can do this via employer-sponsored retirement and pension plans, personal savings and investments, annuities, individual retirement accounts, and cash value from life insurance policies.

Under what circumstances would an applicant purchase a dwelling policy rather than a homeowners policy to insure a residence. If the residence is not eligible for HO coverage because it is not owner-occupied, the dwelling is below minimum limits for a HO policy, or the residence does not otherwise meet an insurer's UW guidelines. Also, some insurers do not want or need the full range of HO coverages, and a HO policy might cost more than the insured is willing to pay. What is the most impor...