Q: Which of the following is NOT a business of life/non-life insurance firm? a. Property/casualty…
A: Life insurance: Phrase life insurance, moreover known as pure life insurance, is life protections…
Q: Is self-insurance the same as going without insurance? Why or why not?
A: The advantages of being self-insured area unit value savings and management of the insurance…
Q: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…
A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…
Q: Is disaster insurance unfair to insurance companies ? Explain your answer and provide an example.
A: Disaster Insurance The meaning of disaster insurance is is different from the life insurance which…
Q: It pertains to a risk management technique when acquiring a life insurance. * risk avoidance risk…
A: One of the risk management technique is Risk Transfer where one party transfer the risk to another.…
Q: A life insurance company worries that people with low risk of dying will not buy insurance because…
A: The insurance company will generally end up losing a lot of money. If an insurance company takes an…
Q: The type of account and normal balance of prepaid insurance would be
A: An asset is a resource controlled by an entity from which future economic benefits flow to the…
Q: All of the following are reasons for a primary insurer to use reinsurance EXCEPT O to increase the…
A: Reinsurance is nothing but an insurance policy taken by an insurance company from another insurance…
Q: II. Case Application. Answer the following situations by applying what you have le the previous…
A: Insurance is important and necessary part of life due to too much risk involved in the life of…
Q: ain ONE key financial risk that an insurance company is exposed to. Explain the policies and…
A: Basic Concept of Insurance Financial risk in insurance and Mitigation
Q: If the chance that a risk will occur cannot be reasonably predicted or the possible financial loss…
A: An uninsurable risk is one that presents an unknown or unacceptable risk of loss for an insurance…
Q: Moral hazard occurs when someone increases their exposure to risk when insured, especially when a…
A: Under moral hazard party doesn't enter the contract under good faith
Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…
A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…
Q: MATCH WITH THE BEST ANSWER Liability Insurance Mistakes happen. You, your employees, your…
A: Insurance: It is an agreement between two parties where a party undertakes to cover the other party…
Q: A risk group căn be đefined as a group that shares ghly the same risks of an adverse event…
A: Risk is something which is bear by insurance company in consideration of premium that they have…
Q: What is the relationship between risk management and insurance buying and why do some argue that…
A: The question is based on the concept of risk management and the use of insurance as a tool of risk…
Q: Which of the following is the main objective of P2P insurance O a. Less Fraudulent Claims O…
A: The acronym P2P insurance stands for peer to peer insurance. It is formed by a group of people who…
Q: What type of entry will decrease the normal balance of the general ledger accounts prepaid…
A: Prepaid expenses are those expenses for which the amount has been paid but expenses has not yet…
Q: Which of the following statements is false? Multiple Choice O Prepaid insurance is a liability…
A: Current assets are those that provide future economic benefits and are realizable within a time…
Q: The main purpose of buying insurance is to have financial protection in case of a loss. O eliminate…
A: The answer for main purpose of buying insurance is to have financial protection in case of loss.…
Q: An implied condition of pooling risks with insurance is that the event being insured against is…
A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…
Q: What type of information is entered for insurance and why is insurance important?
A: Insurance is a way to protect oneself from financial loss. It is a type of risk management that is…
Q: Company
A: Insurance is defined as a financial arrangement between the insured & the insurance company…
Q: Which principles ensures that an insured does not profit by insuring with multiple insurers?
A: The Principles of Contribution ensures that an insurance that an insured does not profit by insuring…
Q: Name a peril that is often excluded from an home or auto insurance policy. Why is the peril…
A: Peril means an event causing fire or theft or damage to assets like home, auto mobiles etc Peril…
Q: tell me why the use of reinsurance contributes to the solvency of the ceding insurer.
A: By ceding a portion of their risk, ceding companies reduce their overall risk exposure and…
Q: Which of the following is not an example of an asset? Group of answer choices Supplies. Accounts…
A: Supplies are the current assets which represent the cost of supplies on hand. Account receivable are…
Q: What are the differences between an insurance agent and an insurance broker? Discuss.
A: Insurance brokers are individuals that sells, buy or negotiate variety of financial products that…
Q: 5. Which of the following actions showcases the principle of "uberrima fides"? O A. Lying about…
A: Uberrima fides is a Latin word which means "utmost good faith".
Q: Which of the following is NOT an example of non-deposit taking financial institution (NDFI)? i)…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: Do risk influence people to go for insurance? What is the relationship between risk and insurance?
A: Yes, risk influences people to go for insurance. Several kinds of risks influence a person to get…
Q: Which of the following does not relate to credit risks? a. Credit risk is the possibility of losing…
A: First of all we need to understand the meaning of Credit risk- Credit risk is the probability of…
Q: Goods on consignment should be included in the inventory of
A: As per our protocol we provide solution to the one question only and that too if the question is…
Q: e insurance and non life insurance saves the assets of its pilicy ho
A: Life insurance and nonlife insurance are two different category of insurance schemes.
Q: Please give and explain the numerical example of adverse selection that arises in life insurance…
A: In Insurance adverse selection refers to situations in which an insurance company extends insurance…
Q: Making a prepayment for insurance will have the effect of select one: a) Increasing expenses and…
A: The correct option is a) Increasing expenses and decreasing net profit
Q: Which of Ike following statements is CORRECT about he Missialement of Age provision in a health…
A: The misstatement of age clause is the provision under the life insurance policy that clears the…
Gambling is most of the time confused as Insurance . Use practical example to show the difference between them
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- Which of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.One of the purposes that deductible are used in insurance policies is to O eliminate coverage for small claims. O place restrictions or limits on the insurer's promise to perform. provide broader coverage by increasing the number of perils covered. exclude perils that are not insurable.Which is not an essential characteristic of an insurance contract? A. transfer of significant risk from the issuer to the policyholder B. policyholder pays the issuer for the transfer of risk C. issuer indemnifies the policyholder for losses when the insured event occurs D. none of the above
- It pertains to a risk management technique when acquiring a life insurance. *risk avoidancerisk retentionrisk transferanswer not given1) Please give and explain the numerical example of adverse selection that arises in life insurance market?Is self-insurance the same as going without insurance? Why or why not?