Aleatory uncertainty Samenvattingen, Aantekeningen en Examens

Indemnity - ANSWER-a payment for damages or loss Risk - ANSWER-Uncertainty or chance of loss occurring Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. Peril ...

All reading materials for the course Risk Communication in the master Communication and Information Sciences.

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Adverse Selection correct answer: Insuring of risks more prone to loss than the average Agent/Producer correct answer: legal representative of an insurance company Applicant/Proposed insured correct answer: a person applying for insurance Hazard correct answer: Conditions that increase the probability of a loss Moral correct answer: tendency toward increased risk (driving fast) Morale correct answer: indifference towards risk (not locking the door) Indemnity correct answe...

Risk - ANSWER-the chance or uncertainty of loss Risk - ANSWER-used within the insurance industry to refer to the subject of the insurance policy Possibility of loss - ANSWER-the concept of risk involves ___________________ Insurance - ANSWER-a formal social device used to accomplish the transfer of risk from an insured to the insurer Insurance policy - ANSWER-a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover the possib...

Nebraska State Life and Health Insurance Exam Terms 100% Correct Adverse Selection Insuring of risks more prone to loss than the average Agent/Producer legal representative of an insurance company Applicant/Proposed insured a person applying for insurance Hazard Conditions that increase the probability of a loss Moral tendency toward increased risk (driving fast) Morale indifference towards risk (not locking the door) Indemnity restoring the insured to the condition that ex...

insurance - Answer-contract whereby one undertakes to idemnify [restore before loss] another against loss, damage, liability from contingency [unknown/ unplanned events] indemnify Give Example. - Answer-restore person to some financial position before loss has occurred to make someone whole EX: If someone passes, that lost of income is covered by life insurance (percentage of what is covered depends on plan of insurance purchased before incident) contingency - Answer-unknown/ unplanned ev...

Nj Property And Casualty Insurance Exam With 100% Correct Answers 2023 Aleatory Contract Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith Parties to the contract rely upon the integrity of one another. Insuring Agreement The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against. Conditions The rights and responsibilities of a...

2-15 Florida Insurance Exam Questions And Answers Risk - ANS Can be defined as uncertainty regarding loss Pure Risk - ANS Involve only the chance of loss; It's the only insurable risk. Speculative Risk - ANS A chance for gain and a chance of loss. (Gambling, Stock Mkt, etc.) Peril - ANS The immediate specific event causing loss and giving rise to risk. Hazard - ANS Physical, Moral, and Morale Mortality - ANS Death Morbidity - ANS Sickness; The expected...

policy owner must have insurable INTEREST at time of application can NOT be FORCED or insurance will be voided representation - Correct Answer ️️ -statements made by a person on an application for life insurance that are believed to be true to the best of one's knowledge the only time it can be withdrawn is before the insurance is in effect (usually 5-8 weeks AFTER signing) NOT warranty How long does policy owner have to withdraw any representation made on application of life insura...