Homework Answers
Ans- The third option is correct that is the insurer reserves the right to subrogate against its own insureds under liability policies and we can also say that Subrogation is a legal right afforded to insurers. It allows them to seek reimbursement for losses they have paid by suing the parties that caused the losses.
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Which of the following statements about subrogation is (are) true? (Check all that apply.) subrogation does...
91. What is the primary value of insurance to business enterprise? It removes all tort and...
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...
Which of the following statements is true with respect to a pure no-fault auto insurance plan?...
Which of the following statements is true with respect to a pure no-fault auto insurance plan? A) Under such a plan, you would collect from your own insurer and retain the right to sue the other party if your injuries surpass a dollar or verbal threshold. B) Most no-fault plans that have been adopted by states are pure no-fault plans. C) Under such a plan, you would collect from your own insurer and retain the right to sue the other...
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 i...
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...
Insurance coverage relies on 1. the law of large numbers, meaning Events that are statistically difficult...
Insurance coverage relies on 1. the law of large numbers, meaning Events that are statistically difficult to predict for a specific individual are more predictable for a large number of individuals b. Events that are statistically difficult to predict for a large number of individuals a. predictable are more individual. for an Insurers can statistically predict whether an individual will suffer a loss more accurately than they statistically predict whether a large number of individuals will suffer losses. d. C....
SELECT ALL THAT APPLY! Which of the following are true about the cost of a term...
SELECT ALL THAT APPLY! Which of the following are true about the cost of a term life insurance premium? A. The premium increases with the amount of the benefit. B. The premium increases with the term of the policy. C. The premium decreases with the age of the insured. D. The premium increases with the age of the insured. E. The fair premium amount is the expected value of the benefit amount. F. The fair premium amount is the actuarial...
10 points QUESTION 5 Save Answer Which is true about Social Contract theory and Kantianism (check all that apply) Both...
10 points QUESTION 5 Save Answer Which is true about Social Contract theory and Kantianism (check all that apply) Both are classified under Objectivism philosophy Both are rule based. Both are developed by Aristotle Both are classified under Relativism philosophy. 10 points QUESTION 6 Save Answer Which is NOT true about Social Contract theory and Kantianism (check all that apply) Kantianism considers rules as morally acceptable if they meet the requirements of the Categorical Imperative Both view a proposed moral...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of coinsurance is to get policyholders to share costs with insurers after the deductible is reached. For health insurance, the main purpose of coinsurance is punish policyholders for under insuring. For health insurance, coinsurance is used as an incentive for policyholders to use in-network providers. None of the above are TRUE. 26. а. b. с. d. 27. Which one of the following...
Which of the following statements about group underwriting principles is (are) true? (Check all that apply.)...
Which of the following statements about group underwriting principles is (are) true? (Check all that apply.) the average age of the group should remain constant over time a group should be formed for the specific purpose of obtaining insurance the employer should share in the cost of the group insurance plan employees should be allowed to select the amount of insurance based on their individual needs employees should be required to remit premiums directly to the insurance company
Which of the following are typical commercial loan covenants required by lenders? (Check all that apply)...
Which of the following are typical commercial loan covenants required by lenders? (Check all that apply) 1. Approval rights of any lease modification 2. Requirement to provide monthly property operating statements 3. Requirement to deliver an annual borrower's valuation of the property 4. Notification of any insurance claims by tenants 5. Provision for lenders to visit and inspect the property
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that...
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
Which of the following statements is true with respect to a pure no-fault auto insurance plan? A) Under such a plan, you would collect from your own insurer and retain the right to sue the other party if your injuries surpass a dollar or verbal threshold. B) Most no-fault plans that have been adopted by states are pure no-fault plans. C) Under such a plan, you would collect from your own insurer and retain the right to sue the other...
Insurance coverage relies on 1. the law of large numbers, meaning Events that are statistically difficult to predict for a specific individual are more predictable for a large number of individuals b. Events that are statistically difficult to predict for a large number of individuals a. predictable are more individual. for an Insurers can statistically predict whether an individual will suffer a loss more accurately than they statistically predict whether a large number of individuals will suffer losses. d. C....
10 points QUESTION 5 Save Answer Which is true about Social Contract theory and Kantianism (check all that apply) Both are classified under Objectivism philosophy Both are rule based. Both are developed by Aristotle Both are classified under Relativism philosophy. 10 points QUESTION 6 Save Answer Which is NOT true about Social Contract theory and Kantianism (check all that apply) Kantianism considers rules as morally acceptable if they meet the requirements of the Categorical Imperative Both view a proposed moral...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of coinsurance is to get policyholders to share costs with insurers after the deductible is reached. For health insurance, the main purpose of coinsurance is punish policyholders for under insuring. For health insurance, coinsurance is used as an incentive for policyholders to use in-network providers. None of the above are TRUE. 26. а. b. с. d. 27. Which one of the following...
Which of the following statements about group underwriting principles is (are) true? (Check all that apply.) the average age of the group should remain constant over time a group should be formed for the specific purpose of obtaining insurance the employer should share in the cost of the group insurance plan employees should be allowed to select the amount of insurance based on their individual needs employees should be required to remit premiums directly to the insurance company
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
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