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Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9819
Experience:  More than 5000 online tutoring sessions.
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Hi, would you be able to assist me with a quiz today?

This answer was rated:

Hi, would you be able to assist me with a quiz today?

Ray Atkinson :

What quiz, how many questions, how will get them to me, how much detail is needed, and when is it due?

Hi sam

 

You forgot to type "For BusinessTutor" which is why the above expert had sent you a message.

 

Yes, I can help, please post the questions (12 hours, right?)

Customer: replied 4 years ago.

I apologize for that error. Yes, 12 hours, I will post the questions now.. Thank you.

 

1. Which of the following is least likely to occur during a "hard" insurance market period? (Points : 1)
difficulty in obtaining insurance
increasing premiums
higher insurer profits
tightening underwriting standards

2. An automobile that is a total loss as a result of a collision is an example of which of the following types of risk?
I. Speculative risk
II. Diversifiable risk (Points : 1)
I only
II only
both I and II
neither I nor II

3. In reviewing his company's operations, a risk manager noticed that all of the company's finished goods were stored in a single warehouse. The risk manager recommended that the finished goods be divided among three warehouses to prevent all of the finished goods from being destroyed by the same peril. Dividing the finished goods among three warehouses illustrates (Points : 1)
noninsurance transfer.
risk avoidance.
risk control.
insurance.

4. Apex Insurance Company wrote a large number of property insurance policies in an area where earthquake losses could occur. When the president of Apex was asked if she feared that a severe earthquake might put the company out of business, she responded, "Not a chance. We transferred most of that risk to other insurance companies." An arrangement by which an insurer that initially writes insurance transfers to another insurer part or all of the potential losses associated with such insurance is called (Points : 1)
speculating.
loss avoidance.
hedging.
reinsurance.

5. XXXXX XXXXX is risk manager of LMN Company. Laura decided to retain certain property losses. All of the following are methods which Laura can use to fund retained property losses EXCEPT (Points : 1)
private insurance.
borrowed funds.
current net income.
funded reserve.

6. The long-run relative frequency of an event based on the assumption of an infinite number of observations with no change in the underlying conditions is called (Points : 1)
subjective risk.
objective probability.
subjective probability.
objective risk.

7. Preloss objectives of risk management include which of the following?
I. Preparing for potential losses in the most economical way.
II. Reduction of anxiety. (Points : 1)
I only
II only
both I and II
neither I nor II

8. Brenda identified all of the pure loss exposures her family faces. Then she analyzed these loss exposures, developed a plan to treat these risks, and implemented the plan. The process Brenda conducted is called (Points : 1)
personal financial planning.
personal risk management.
personal estate planning.
personal insurance programming.

9. Traditionally, risk has been defined as (Points : 1)
any situation in which the probability of loss is one.
any situation in which the probability of loss is zero.
the probability of a loss occurring.
uncertainty concerning the occurrence of loss.

10. All of the following are benefits to society that result from insurance EXCEPT: (Points : 1)
elimination of moral hazard.
less worry and fear.
loss prevention.
indemnification for loss.

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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9819
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 2 other Homework Specialists are ready to help you