CAT2 = Assignment 3 (Principles of Risk Mgt & Insurance)
This is Assignment 3. Please do it and revert back to the lecturer for questions or comments.
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1. In 'Risk Management', the variation between actual and expected results is known as:
1 point
2. All of the following risks are privately insurable EXCEPT:
1 point
3. The first step in the risk management process is:
1 point
4. A written provision that adds to, deletes from, or in some other way alters an insurance contract is called a(n):
1 point
5. All of the following are elements of a negligent act EXCEPT:
1 point
6. All of the following are common exclusions under workers compensation and employer liability insurance EXCEPT:
1 point
7. Theft is a broad term that includes burglary and robbery.
1 point
8. Premature death is defined as death before reaching life expectancy.
1 point
9. All of the following benefits are available through workers compensation EXCEPT:
1 point
10. As an alternative to reinsurance, some insurers transfer insurable risk to the capital markets through the creation of a financial instrument, such as a catastrophe bond. Such transfers are called:
2 points
11. Pascal was just diagnosed with an inoperable brain tumor. According to his doctor, Tom has less than three months to live. A life insurance premium notice just arrived. Tom purchased this whole life policy over 40 years ago. Pascal does not want to pay the premium. Which nonforfeiture option should Tom exercise?
2 points
12. Prior to passage of the workers compensation laws, employers could avoid liability to employees injured on the job by invoking common law defenses. Under one such defense, the employer asserted that because the employee helped to bring about the injury, the employer was not responsible. This common law defense is:
2 points
13. Self-insurance is an example of which of the following risk management techniques?
1 point
14. An important consideration in determining the amount of life insurance to purchase is the need for income during the one- or two-year period after the death of the breadwinner. This period is called the:
1 point
15. Which $50,000 life insurance policy, if purchased at age 32, would have the highest cash value when the insured was 50 years old?
2 points
16. Although the normal retirement age in most plans is 65, many workers retire before the normal retirement age.
1 point
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