What does indemnify mean Study guides, Class notes & Summaries

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct an...

What is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Wisconsin Casualty Questions and Answers Already Passed A situation in which a person can experience only a loss and no gain presents what type of risk? Pure Risk A tornado that destroys a property would be an example of what? Peril What type of authority is based on the agent's actions, or words? Apparents If an insurer holds a Certificate of Authority, it is know as what type of insurer? Authorized or admitted What document is required for an insurance company to transact ...

Property And Casualty License In Arkansas Exam. 153 Questions And Answers 2024. What is Insurance? Transfers the risk of loss from individual to insurance co. What is Risk? Chance of loss occuring What are 3 types of Hazzards? Physical, Moral, Morale What is a Peril? Causes of loss insured against What does Indemnify mean? Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation Right to seek damages from 3rd party so that the insured ca...

What is Insurance? - Answer-Transfers the risk of loss from individual to insurance co. What is Risk? - Answer-Chance of loss occuring What are 3 types of Hazzards? - Answer-Physical, Moral, Morale What is a Peril? - Answer-Causes of loss insured against What does Indemnify mean? - Answer-Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - Answer-Right to seek damages from 3rd party so that the insured cannot collect 2xs. What...

Insurance Terms and Related Concepts. What is insurance? CORRECT ANSWER transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? CORRECT ANSWER the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts. What are the 3 types of hazards? CORRECT ANSWER Physical, moral and morale. Insurance Terms and Rela...

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct an...

Insurance Terms and Related Concepts. What is insurance? - Answer-transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? - Answer-the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts. What are the 3 types of hazards? - Answer-Physical, moral and morale. Insurance Terms and Related Concepts. Wha...