Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / University of Tennessee BIO 240 Quiz 2 1)Which of the following is a fundamental purpose of the principle of indemnity? T reduce mral hazard T minimize physical hazards T settle prperty insurance lsses n a replacement cst basis T require deductibles in all prperty insurance plicies Which of the following statements about subrogation is true? Subrgation eliminates adverse selectin Subrgation helps t hld dwn the cst f insurance Subrgation results in vilation f the principle f indemnity Subrgation permits a party wh caused a lss t avid respnsibility fr the lss Characteristics of a fortuitous loss include which of the following? The loss is certain to occur The loss occurs as a result of chance Both a and b Neither a or b When must an insurable interest legally exist in property insurance for an insured to receive payment for a loss from the insurer? Only at the time of loss Only at the inception of the policy Only at the time the loss settlement takes place   Both at the time of the loss and at the inception of the policy The arrangement used by the insurance companies to help write catastrophic loss exposures where they agree to share in the cost of claims and premium dollars collected from the insured for a particular loss exposure is called what? All of the following will support an insurable interest for purposes of purchasing property and liability insurance EXCEPT Former ownership of property Potential legal liability Secured creditors Contractual right The tendency for bad or reckless drivers to seek car insurance at standards rates is an example of what? List and briefly describe the 6 characteristics of an ideally insurable risk

University of Tennessee BIO 240 Quiz 2 1)Which of the following is a fundamental purpose of the principle of indemnity? T reduce mral hazard T minimize physical hazards T settle prperty insurance lsses n a replacement cst basis T require deductibles in all prperty insurance plicies Which of the following statements about subrogation is true? Subrgation eliminates adverse selectin Subrgation helps t hld dwn the cst f insurance Subrgation results in vilation f the principle f indemnity Subrgation permits a party wh caused a lss t avid respnsibility fr the lss Characteristics of a fortuitous loss include which of the following? The loss is certain to occur The loss occurs as a result of chance Both a and b Neither a or b When must an insurable interest legally exist in property insurance for an insured to receive payment for a loss from the insurer? Only at the time of loss Only at the inception of the policy Only at the time the loss settlement takes place   Both at the time of the loss and at the inception of the policy The arrangement used by the insurance companies to help write catastrophic loss exposures where they agree to share in the cost of claims and premium dollars collected from the insured for a particular loss exposure is called what? All of the following will support an insurable interest for purposes of purchasing property and liability insurance EXCEPT Former ownership of property Potential legal liability Secured creditors Contractual right The tendency for bad or reckless drivers to seek car insurance at standards rates is an example of what? List and briefly describe the 6 characteristics of an ideally insurable risk

Business

University of Tennessee

BIO 240

Quiz 2

1)Which of the following is a fundamental purpose of the principle of indemnity?

    • T reduce mral hazard
    • T minimize physical hazards
    • T settle prperty insurance lsses n a replacement cst basis
    • T require deductibles in all prperty insurance plicies
  1. Which of the following statements about subrogation is true?
    • Subrgation eliminates adverse selectin
    • Subrgation helps t hld dwn the cst f insurance
    • Subrgation results in vilation f the principle f indemnity
    • Subrgation permits a party wh caused a lss t avid respnsibility fr the lss
  2. Characteristics of a fortuitous loss include which of the following?
    1. The loss is certain to occur
    2. The loss occurs as a result of chance
    3. Both a and b
    4. Neither a or b
  3. When must an insurable interest legally exist in property insurance for an insured to receive payment for a loss from the insurer?
    1. Only at the time of loss
    2. Only at the inception of the policy
    3. Only at the time the loss settlement takes place

 

    1. Both at the time of the loss and at the inception of the policy
  1. The arrangement used by the insurance companies to help write catastrophic loss exposures where they agree to share in the cost of claims and premium dollars collected from the insured for a particular loss exposure is called what?
  2. All of the following will support an insurable interest for purposes of purchasing property and liability insurance EXCEPT
    1. Former ownership of property
    2. Potential legal liability
    3. Secured creditors
    4. Contractual right
  3. The tendency for bad or reckless drivers to seek car insurance at standards rates is an example of what?
  4. List and briefly describe the 6 characteristics of an ideally insurable risk.
  5. A false material statement made by an applicant for insurance is an example of
    1. Concealment
    2. Breach of warranty
    3. Lack of offer and acceptance
    4. Misrepresentation
  6. A loss settlement under which of the following supports the principle of indemnity?
    1. Life insurance
    2. Valued policies
    3. Replacement cost property insurance
    4. Actual cash value property insurance
  7. Which of the following is implied by the pooling of losses?
    1. Sharing of losses by an entire group
    2. Inability to predict losses with any degree of accuracy
    3. Substitution of actual loss for average loss
    4. Increase of objective risk
  8. What is the legal significance of a material concealment by an insurance applicant?
    1. The contract is automatically voided from its inception
    2. The contract is voidable at the insurer’s option
    3. Loss payments are reduced by the degree of the concealment
    4. The insurer is immediately entitled to a higher premium
  9. The principle of utmost good faith is supported by all of the following legal doctrines EXCEPT:
    1. Representations

 

    1. Warranty
    2. Subrogation
    3. Concealment
  1. Which of the following statements about the principle of insurable interest is (are) true?
    1. It makes it difficult to measure the amount of insured’s loss
    2. It reduces moral hazard
    3. Both a and b
    4. Neither a or b
  2. Sue’s office building was damaged by a fire caused by a careless tenant. After paying Sue for the loss, the insurance company sued the tenant to recover its loss. The suit is based on the principle of…
    1. Warranty
    2. Insurable interest
    3. Utmost good faith
    4. Subrogation
  3. Sam’s furniture was destroyed by a fire. The furniture cast $1200 when it was purchased, but similar new furniture now costs $1800. Assuming the furniture was 50% depreciated, what is the actual cash value of Sam’s loss?

o

$600

o

$900

o

$1200

o

$1800

 

Option 1

Low Cost Option
Download this past answer in few clicks

2.83 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE