prinipals of insurance

Beschreibung

property and casualty insurance
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Zusammenfassung der Ressource

Frage Antworten
peril cause of loss
risk chance of loss
hazard increases the loss
physical hazard hazard that arises from the condition occupancy or use of the property itself EX skateboard left on the steps
morale hazard an individual through careless or irresponsible actions can increase the possibility of a loss EX drives car carelessly without a seatbelt because they know they will be insured if accident occurs
moral hazard a person might create a loss just to collect from the insurance company EX faked a theft of an older car so he can collect and buy a new one
avoid risk never getting into a car
retain risk if a risk ever occurs they will pay for it themselves
transfer risk like buying insurance
control risk installing a sprinkler system in the building in case of a fire
law of large numbers the law of large numbers says that the more examples use to develop the more reliable the statistic will be
pure risk loss only
speculative risk gain and loss
insurable interest Have a chance of finical loss or interest in the property You have insurable interest in your house not your neighbors
spread of risk instead of insuring every person in town a company will want to insure several people in many towns the greater spread of risk the less likely that there will be a catastrophic loss for the insurance company
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