INSURANCE AND RISK MANAGEMENT A
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29)  Which insurance covers damages due to bodily injury and property damage to others for which you are responsible?
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38)  The price paid for insurance coverage is a
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14)  Individuals and businesses purchase insurance to
1 point
5)  Taking steps to avoid losses from possible threats is a
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11)  What insurance coverage will pay for damages to a vehicle that crashes into a tree?
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43)  What is the medical coverage insurance included with an automobile policy?
1 point
9)  An important ingredient for the effective compliance and enterprise of risk management is
1 point
47)  Shirley has a health insurance policy that includes a $10 co-pay on prescription drugs. Shirley's doctor prescribes drugs to Shirley that cost $36. How much of this amount will be covered by insurance?
1 point
34)  All of the following may result in a discount on the automobile premiums you pay except
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42)  Rental reimbursement coverage
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1)  The first step of the Risk Management Model is
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20)  An evaluation of an individual or organization's willingness to take risks, as well as the threats to which an organization is exposed is a
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30)  Drivers with a high risk may purchase car insurance from
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8)  When preparing risk management reports, companies consider all of the following factors except
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39)  50/100/50 means
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2)  Prioritizing risks means
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17)  Assessing and preventing risk
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22)  A food warehouse loses electricity during a major hurricane. The business has fuel-powered generators to keep the freezers and refrigerators running during the electrical power outage. This strategy is an example of a(n)
1 point
33)  "Student away at school discount" is given for all of the following reasons except
1 point
37)  Lauren’s insurance company increases standard premiums by 12 percent if a car is usually driven more than 20,000 miles a year. If Lauren’s standard premium normally would be $940, how much would she pay with the high-mileage increase?
1 point
12)  Federal law requires employers to provide health insurance to
1 point
24)  Damage coverage for a car without regard to who caused an accident is called
1 point
46)  What type of insurance allows the insured to trade their term life insurance for whole life insurance regardless of the insured's physical condition?
1 point
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23)  When your vehicle is hit by an uninsured motorist and you suffer injuries, the injuries will be covered by
1 point
44)  Betty has health insurance with a coinsurance clause of 20% and a deductible of $1,000 for coverage. How much will Betty receive from the insurance company if she suffers a medical loss of $15,000?
1 point
3)  Which of the following is not an example of an economic risk?
1 point
7)  Calling on another business to complete a risky activity is known as
1 point
26)  Which insurance covers individuals that are injured when you are at fault in an automobile accident?
1 point
25)  The insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loans is
1 point
27)  Comprehensive insurance does not cover
1 point
10)  What type of insurance should be purchased to cover personal belongings in your apartment that are damaged from fire?
1 point
32)  The page of an insurance policy that includes your name, address and the insured property is the
1 point
41)  A renter has purchased renter's insurance and additional insurance to cover their valuable jewelry. The insurance for the jewelry is a(n)
1 point
48)  What is an event that results in an insured loss?
1 point
21)  Determining the cost of risk helps companies decide if
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6)  Which of the following is not a business strategy for a business risk?
1 point
18)  The continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss is a
1 point
40)  Good student discounts
1 point
36)  Your state requires 100/300/100 automobile insurance coverage. How much is the minimum requirement for injuries per person per accident?
1 point
16)  Since every business is different, management must
1 point
49)  What is a predetermined amount that the insured must pay before the insurance company pays 100% of a loss?
1 point
4)  The cause of a loss is a
1 point
28)  A discount given to insured people who have their automobile and home owners insurance from the same company is a
1 point
15)  The Enterprise Risk Management Model (ERM) starts by
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19)  What predicts risks and associated losses?
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35)  Laws that require you to purchase auto insurance are referred to as
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50)  The family members who receive the death benefits from a life insurance policy are
1 point
31)  The decrease in value of an asset over is time is referred to as
1 point
13)  The amount that a person pays for their insurance policy is called the
1 point
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45)  The most reasonably priced life insurance is
1 point
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