Which Statement Regarding Insurable Risks Is Not Correct

Which of the following statements about risk is true. A The loss must be accidental and unintentional.

𝐋𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐜𝐫𝐞𝐚𝐭𝐞𝐬 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐰𝐞𝐚𝐥𝐭𝐡 Hindi Mo Kailangang Mag I Personal Financial Planning Risk Management Financial Planning

A principle of insurance holds that only a small portion of a given group will experience loss at any one time.

. A All types of insurance are implemented through a contractual agreement between the insurance owner and the insurer. Asked Jun 2 2016 in Business by Grant. B The loss should not be catastrophic.

Risk management is controlled and managed by HIPAA regulations. All other statements are true. B Insurance reduces objective risk while hedging involves only risk transfer and not risk reduction.

Insurance is used to handle existing pure risks while gambling creases a new speculative risk 2. A manager can transfer the risk which will reduce the risk. A principle of insurance holds that only a small portion of a given group will experience loss at any one time.

Speculative risk cannot be insured. Everyone has an Insurable Interest in his own life c. The correct answer is d.

The term insurable risk refers to a loss that is probable and predictable not every potential occurrence will result in a loss of property or injury regardless of whether they are small or large. A the risk is transferred to the insurer bthe insured may retain part of the risk through deductibles ca large uncertain loss is exchanged for a small certain loss dinsurance covers intentional losses as well as unintentional. Which statement regarding insurable risks is NOT correct.

Pure risk can be insured. A manager can accept the risk which will reduce the risk. Which statement regarding insurable risks is NOT correct Insureds cannot be randomly selected Granting insurance must not be mandatory ---selecting insureds randomly will help the insurer to have a fair proportion of good risks to poor risks.

Granting insurance must not be mandatory selecting insureds randomly will help the insurer to have a fair proportion of good risks to poor risks. C There must be a large number of similar exposure units. 1 2 and 3.

C There are no physical hazards in life and health insurance. It is not important for purposes of underwriting the risk b. A Both insurance and hedging deal only with pure risks.

Which of the following is NOT true about insurance. Only pure risk is insurable. The insurable risk needs to be statistically predictable.

Large number of homogeneous exposures. Risks that would adversely affect large numbers of people or large amounts of property such as wars are typically not insurable. Probability possibility and predictability of a loss.

Insurance usually involves risk avoidance while gambling typically involves only risk reduction. Regarding the characteristics of insurance which of the following is are fundamental. Risks that would adversely affect large numbers of people or large amounts of property - wars or floods for example - are typically not insurable.

Risk management is unique to the health care industry. An insurable risk must involve a loss that is definite as to cause time place and amount. The risk itself doesnt really change.

It is deemed to exist if economic loss occur at the death of the insured d. Risk management is a spontaneous response to an unexpected incident. Which statement regarding insurable risks is not correct.

An insurable risk must involve a loss that is definite as to cause time place and amount. Which statement regarding insurable risks is NOT correct. 43 If insurers were to provide indemnification for losses that were deliberately caused which characteristic of ideally insurable risks would not be met.

B All types of insurance are based on the law of large numbers. If insurers were to provide indemnification for loses that were deliberately caused and then the insured would claim an intentional loss and the characteristics of the ideal insurable risks that are accidental and unintentional would not be met. Which of the following statements regarding insurance and hedging is true.

C Hedging reduces objective risk while insurance involves only risk. A manager can take steps to increase the risk. The following statements concerning insurable interest are correct except.

It is deemed to exist by virtue of relationship by blood or marriage. Which statement regarding insurable risks is NOT correct. Which of the following statements regarding insurance and gambling is are true.

Insureds cannot be randomly selected. The insurable risk needs to be statistically predictable. Insurance cannot be mandatory.

One of the criteria for an insurable risk is that it is not catastrophic. -the insurable risk needs to be statistically predictable -an insurable risk must involve a loss that is definite as to cause time place amount -insureds cannot be randomly selected -insurance cannot be mandatory. Transfer of risk from individual to group.

As the number of units increases the number of losses decreases. Risk management is concerned with reducing exposure to legal liability. Which of the following statements regarding insurance is NOT true.

1 2 and 4. D The loss must be determinable and measurable. Insurance cannot be mandatory.

One of the criteria for an insurable risk is that it NOT be catastrophic. Insureds cannot be randomly selected. 1the insurable risks needs to be statistically predictable 2 an insurable risk must involve a loss that is definite as to cause time place and amount 3insureds cannot be randomly selected 4insurance cannot be mandatory.

A The loss must be accidental and unintentional. Which of the following statements about risk management is true. However actions can be taken to reduce the impact of the risk.

1 2 3 and 4. For insurance purposes similar objects which are exposed to the same group of perils are referred to as. A hospital indemnity policy will pay A benefit for each day the insured is in a hospital.

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