Recent questions tagged insurance-quiz

1 answer

If a property insurance agent knocks on the door of I.M. Covered, explains the contract, and receives a check

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

The Principle of utmost good faith

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Taking a $500 on your PAP automobile insurance contract is an example of

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

An independent agency system for selling insurance

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

The Mailman who visits your property to deliver the mail is

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Lloyd’s of London (mcq)

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

The most difficult and important step in risk management process and one that can lead to a risk manager being

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Insurance or risk transfer in best used in risk management when the frequency of loss is _______ and the severity of

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Underwriting might best be defined as

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

A Mutual Insurance company is

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Adverse selection represents a case where

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Risk avoidance is the best risk management tool when the chance of loss is _____ and the loss severity is _____.

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Which of the following is a suitable definition of "Insurance"?

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Which of the following is NOT an example of a pure risk?

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

According to the law of large numbers, which of the following is true as the number of exposures increases?

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

All of the following are direct losses EXCEPT

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

Leaving gas can next to a furnace, likely to produce a fire or explosion, is an example of a

asked Oct 27, 2021 in Finance by voice (257k points)

1 answer

There are several techniques available for managing risk. For each of the following risks, identify an appropriate

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

The major of difference between a pure risk and a speculative risk is that the former does not involve the possibility

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

Peril is a synonym for hazard

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

Loss prevention and reduction efforts are directed toward reducing both frequency and severity

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

The concept of "Expected value" relates the magnitude of a risk to the frequency of loss and severity of loss that

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

From the prospective of society, the most attractive approach to dealing with risks is risk avoidance

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

The term "Pure risk" refers to those situations in which loss is certain, such for example depreciation

asked Oct 23, 2021 in Finance by voice (257k points)

1 answer

The term "Pure risk" describes a situation in which there is no chance of gain, but the possibility of loss or no loss

asked Oct 23, 2021 in Finance by voice (257k points)