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Examen
BUSFIN 3300: Insurance Midterm 2 Detailed Questions & Expert Answers
Principle of Indemnity - ANS >> the insurer agrees to pay no more than the amount of the loss; the insured should not profit from the loss Actual Cash Value - ANS >> replacement cost less depreciation Fair Market Value - ANS >> the price a willing buyer would pay a willing seller in a free market Broad Evidence Rule - ANS >> the determination of actual cash value should include all relevant factors an expert would use to determine the value of the...
Lydiah247
Examen
BusFin 3300 Exam 2 Questions Correctly Answered & Graded
PopularPurpose of The insurer agrees to pay no more than the actual amount of the loss - Correct Answer To prevent the insured from profiting from a loss - To reduce moral hazard There are three main methods to determine actual cash value: - Correct Answer Replacement cost less depreciation - Fair market value - Broad evidence rule Fair market value - Correct Answer is the price a willing buyer would pay a willing seller in a free market Broad evidence rule - Correct Answer...
Lydiah247
Examen
BUSFIN 3300 Exam 1 (Ch. 1-9) Questions And Complete Solutions
Risk - Correct Answer Uncertainty concerning the occurrence of a loss Pure Risk - Correct Answer A situation in which there are only the possibilities of loss or no loss What types of risk does insurance deal with? - Correct Answer Pure Risk Diversifiable Risk Accidental Risk Speculative Risk - Correct Answer A situation in which either profit or loss is possible (ex. buying common stock, betting) Diversifiable Risk - Correct Answer Affects only individuals or small group...
Lydiah247
Examen
BUSFIN 3300 Exam 3 Detailed Questions And Quality Answers
Financial Modernization Act of 1999 (Gramm-Leach-Biley) - Correct Answer What drove insurers to become much more diversified? Mergers - Correct Answer Why has the number of life insurers, and in particular mutual life insurers, declined significantly? Financial Holding Company (FHC) - Correct Answer an umbrella organization that can own subsidiaries involved in different parts of the financial industry (similar to a bank holding company) Repeal of Glass-Steagall Act (this act sepa...
Lydiah247
Examen
BusFin 3300 Midterm I Questions With Complete Solutions
Risk Management - Correct Answer a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Loss Exposure - Correct Answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs T/f: Possibility is NOT the same thing as possibility - Correct Answer True Chance of Loss - Correct Answer the probability that an event will occur Objective Probability - Correct An...
Lydiah247
Examen
BUSFIN 3300 Exam 1 prep Questions Correctly Answered
financial risk - Correct Answer risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service hazard - Correct Answer A condition that creates or increases frequency or severity of loss Hedging - Correct Answer a technique for transferring the risk of unfavorable price fluctuations to a speculator by purchasing and selling futures contracts on an organized exchange hold harmless clause - Correct Answer policy...
Lydiah247
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BUSFIN 3300 Bundle Package
BUSFIN 3300 Bundle Package
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BUSFIN 3300 Midterm 2 Questions with Correct Answers
BUSFIN 3300 Midterm 2 Questions with Correct Answers
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BUSFIN 3300 Ch 9 Questions with Correct Answers.d
BUSFIN 3300 Ch 9 Questions with Correct Answers.d
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BUSFIN 3300 Midterm 2 questions with correct answer1
BUSFIN 3300 Midterm 2 questions with correct answer1
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BUSFIN 3300 Exam 3 Questions with Correct Answers.
BUSFIN 3300 Exam 3 Questions with Correct Answers.
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BusFin 3300 Midterm I Questions with Correct Answers
BusFin 3300 Midterm I Questions with Correct Answers
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BusFin 3300 Exam 2 Questions with Correct Answers.
BusFin 3300 Exam 2 Questions with Correct Answers.
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Examen
BUSFIN 3300: Insurance Midterm 2 Questions with Correct Answers
Principle of Indemnity Correct Answer-the insurer agrees to pay no more than the amount of the loss; the insured should not profit from the loss Actual Cash Value Correct Answer-replacement cost less depreciation Fair Market Value Correct Answer-the price a willing buyer would pay a willing seller in a free market Broad Evidence Rule Correct Answer-the determination of actual cash value should include all relevant factors an expert would use to determine the value of the property Val...
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Examen
BUSFIN 3300 Exam 1 Questions with Correct Answers
BUSFIN 3300 Exam 1 Questions with Correct Answers
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