Across:
4. UNILATERAL
5.WARRANTY
7. SPECULATIVE
12. MORAL
13. DEDUCTIBLE
15. RIDER
17.
20. CONCEALMENT
21. EXCHANGE
24.COPAYMENT
25.BINDER
Down:
1.MORALE
2.EVALUATION
3.WAIVER
6.TRANSFER
8.COINSURANCE
9.SUBROGATION
10.REINSURANCE
11.PERIL
14.CATASTROPHE
16.ADHESION
18.AVOIDANCE
19. IMPLIED
22
23.
Across 4 Only one party makes a promise. 5 A promise made by the insured that...
Question 5 Payments made to an insurance company (in return for a policy of insurance) are called O risk expenses premlu D I Question 6 When people have insurance against loss due to a possible destructive event, the notion that those people then become careless and even act in ways that increa the likelihood of that destructive event occurring is called a O harand rsk moral hazard D | Question 7 1 pts
Money paid by a third-party for a patient's care medical federal care program for people age 65 or older and for peop stage disease Dedicare 3 or older and for people with conditions such as end- ice carrier that details the services provided and A preprinted form filed with a health insurance carrier that detal other pertinent data to receive benefit A health insurance contract has clause that defines conditions or treatme health policy nes conditions or treatments not covered...
FALSE (Please marka Tor Fon your answer sheet) 21. A non-forfeite option in which the cash value is used to keep the full death benefit in force possible is called the extended term opcion. The installation of ww w sprinkler we in a hotel is an example of a loss reducto dath benefit in force for as long as hotel is an example of a loss reduction method of Requiring retailers who sella 's pode r ing the firm from...
7) Which of the following statements is true of insurance? A) It has to be paid after the risk has been encountered. B) It can be obtained even if one has no insurable interest in the property being insured. C) It is a means of transferring and distributing the risk of loss. D) It cannot be modified once issued. 8) The ________ is a duty of the insurer to protect the insured against lawsuits or legal proceedings that involve a...
91. What is the primary value of insurance to business enterprise? It removes all tort and contract liability risk. It provides a means to shift risk away from the business to an insurer. It shields directors and officers from personal liability. d. It imposes a duty of utmost good faith on the business enterprise. 92. Under which level of government jurisdiction do insurance policies fall? a. provincial jurisdiction b. federal jurisdiction c. executive jurisdiction d. municipal jurisdiction...
38) - JULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the quest 38) An individual who purchases an insurance policy is called A) The insurance company. B) A policyholder. C) A victim. D) An employer. E) An insurer. 39) 39) What is the fee that a policyholder pays when an insurance company agrees to take on the risk? A) Coverage B) Insured C) Peril D) Risk E) Premium 40) 40) The most common risks are...
Suppose there is a 1-in-100 chance that the Golden Gate Bridge will collapse due to a catastrophic event in any given year. The bridge is insured for $5 billion over a 20-year policy, and in the case of collapse, your insurance company will be required to pay out that entire amount. The discount rate mandated by San Francisco agencies is 5%. 1. What is the probability that the bridge does not collapse over the insurance policy period? 2. Use expected...
Exam #1 Page 3 of 4 16. A promise to surrender an invalid claim is consideration, provided the promisor in good faith thought the claim was valid has an objectively reasonable claim (makes a claim whose validity is objectively uncertain both (a) and (b) giving up an invalid claim is never a legal detriment For many months you have patronized Alice's barber shop. Yesterday you entered the shop, sat in Aloe's barber chair and without comment let her cut your...
TRUE/FALSE. Write T if the statement is true and if the statement is false. 25) Insurance is protection against possible financial loss. 26) Defective house wiring is a hazard that increases the chance that a fire will start. 27) An example of a peril is a robbery. 28) Risk management is an organized plan for protecting y property. for protecting yourself, your family, and your 29) Once a risk management plan is put into action, needs change. It should remain...
c Date: Class (First Pagr) Date: Class (Subsrquent Pagrs) If you are risk avene a. You value a lohery a moee than is expected value. b You ike to uke gambles. c. A loaery is worth kess to you than iks expected vaue d You advertise your anihude twward risk. When farmers sell forward contracts in spring for the harvest they will reap in Autumn a. Their planting decisions are riskier due to increased uncertainy b They accrpt a price...