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Manal Elkhoshkhany
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Hi Business Tutor, are you available to assist with a quiz

Resolved Question:

Hi Business Tutor, are you available to assist with a quiz today? 12 hour deadline...
Submitted: 2 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 2 years ago.
yes, please post the questions sam
Customer: replied 2 years ago.
. David owns a liquor store in a high-crime area. In order to obtain a reduced insurance premium, David promised to have a burglar alarm operating at the store when the store was closed. This agreement, which was incorporated into the insurance contract, is an example of a (Points : 1)
warranty.
contract of adhesion.
representation.
unilateral contract.

2. Under the terms of Jenny's auto insurance policy, she must pay the first $500 of any physical damage loss to her vehicle before her insurer will pay anything. What type of deductible is included in Jenny's auto insurance policy? (Points : 1)
straight deductible
corridor deductible
aggregate deductible
calendar-year deductible

3. Which distinct legal characteristic of insurance contracts states that only the insurer's promise to perform is legally enforceable? (Points : 1)
personal contracts
unilateral contracts
aleatory contracts
contracts of adhesion

4. Jacob sold his house to Shelia for $140,000 in cash. Jacob "threw in" insurance on the house as part of the deal and did not bother telling the insurer that there was a new owner. Four months after Shelia purchased the home, a windstorm damaged the roof. Which of the following legal characteristics of insurance contracts could the insurer use to legally deny payment for the damage to the roof? (Points : 1)
Insurance contracts are aleatory contracts.
Insurance contacts are contracts of adhesion.
Insurance contracts are unilateral contracts.
Insurance contracts are personal contracts.

5. RST Company has production facilities in Salt Lake City and Cleveland. The probability that in any given year a fire will damage the production facility in Salt Lake City is 5 percent. The probability that in any given year a fire will damage the Cleveland production facility is 4 percent. What is the probability that AT LEAST ONE of the production facilities will be damaged by fire in any given year? (Points : 1)
2.00 percent
8.80 percent
0.20 percent
9.00 percent

6. Which of the following statements is (are) true regarding investment returns and the underwriting cycle?
I. Investment returns have no impact upon the underwriting cycle.
II. Investment returns can lengthen the duration of a soft market by offsetting underwriting losses. (Points : 1)
I only
II only
both I and II
neither I nor II

7. Which of the following statements is (are) true with regard to probability analysis?
I. If two events are independent, the occurrence of one event does not affect the occurrence of the second event.
II. If two events are dependent, the occurrence of one event affects the occurrence of the second event. (Points : 1)
I only
II only
both I and II
neither I nor II

8. Mid-States Beef is a commercial feedlot business. Currently, the company has over 10,000 cattle in feedlots. Mid-States is concerned that the price of corn, the grain fed to the cattle, will increase significantly. The risk that the price of corn may increase and harm the profitability of Mid-States Beef's operations is a(n) (Points : 1)
commodity price risk.
property risk.
interest rate risk.
currency exchange rate risk.

9. Reasons to adopt an enterprise risk management plan include all of the following EXCEPT (Points : 1)
to increase earnings volatility.
to increase net income.
to treat risks facing the business in a more holistic way.
to gain an advantage over competitors.

10. The transfer of insurable risk to the capital markets through the creation of a financial instrument is called (Points : 1)
enterprise risk management.
coefficient of risk.
securitization of risk.
financial risk management.
Expert:  Manal Elkhoshkhany replied 2 years ago.
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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9453
Experience: More than 5000 online tutoring sessions.
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