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Insurance Principles: A Study Guide with Exam Questions and Answers, Exams of Nursing

Hillsborough Community CollegeNursing

This study guide provides a comprehensive overview of key concepts in insurance, including risk management, underwriting, claims processing, and policy provisions. It covers various aspects of insurance such as identifying loss exposures, understanding policy wording, and the roles of different professionals in the insurance industry. The guide also includes questions and verified answers to help students prepare for exams and deepen their understanding of insurance principles and practices. It is designed to enhance knowledge and skills in insurance-related topics, making it a valuable resource for students and professionals alike. Useful for those who want to learn about insurance and risk management. It provides a clear and concise overview of the key concepts and principles of insurance, and it includes questions and answers to help students test their knowledge.

Typology: Exams

2024/2025

Available from 06/11/2025

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AINS 101 Study Guide Exam Questions and Verified Answers
1. BilllislanlinsurancelproducerlforlandlemployedlbylABClInsurancelCompanyl(ABC).lHelrepre
sentslonlylABClwhenlmarketinglinsurancelproducts,landluseslanladministrativelstafflalsolem
ployedlbylABC.lBilllislalproducerlinlthe:lDirectlwriterlmarketinglsystem
2. Becauselthelinsurancelcompanylusuallyldetermineslpolicylwordinglandlthelinsuredlhasllit
tlelchoicelbutltol"takelitlorlleavelit,"lanlinsurancelcontractlisla:lContractlofladhesion
3. Whichloneloflthelfollowinglbestlexplainslwhylproducerslshouldlbelalertltolchangeslinlclie
nts'llosslexposures?:lImplementedlrisklmanagementltechniqueslmaylproveltolbelineffectivelorl
becomelobsolete
4. AtlGreenfieldlInsurancelCompany,lBernadettelandlRachellarelcorporatelun-
lderwriters,landlTomaslandlJoselarelfieldlunderwriters.lAllloflthelfollowinglarelunderwritinglac
tivitiesltypicallylperformedlbylcorporatel(orlstaff)lunderwritersllikelBernadettelandlRachel,lE
XCEPT::lSupportlproducerslandlinsureds
5. JoellislthelunderwriterlforlStantonlIndustries.lHelreceivedlalnoticelfromlthelpremiumlaudit
orlonlthelaccount.lAfterlalrecentlvisitltolthelinsured'sllocation,lthelauditorlwantedltolmakelJo
ellawareloflaldeclinelinlthelbusinesslandlsomelquestionablelbusinesslpractices.lWhichlonelo
flthelfollowingltypesloflhazardslislthelauditorlidentifying?:lMorallhazards
6. Morallhazards:lincludelquestionablelbusinesslpracticeslorlalfailinglbusiness.
7. JameslWestlislalclaimslreplwithlHatterslInsurance.lAslhellearnslhowltolhandlelalclaimlfro
mlstartltolfinish,lwhichloneloflthelfollowinglbestldescribeslthelcorrectlorderlforlhimltolfollow
lduringlthislprocess?:lIdentifyinglthelpolicy,lcalculatinglallosslreserve,ldetermininglthelcauselofll
oss,lpreparinglallosslstatement
8. Margaretlwaslseverelylinjuredlandlscarredldueltolalrecentlaccident.lWhichloneloflthelfoll
owinglislanlexampleloflgeneralldamageslMargaretlreceived?:l-
lCompensationlforldisfigurement
9. Donnalislanlinsurancelproducer.lShelmakeslanlappointmentlwithlpotentiallpolicyholderl
Sandieltolreviewlherllosslexposures.lShelaskslSandieltolcom-
lpletelalquestionnaireltolassistlherlinlthisleffort.lDonnalislconductingla:lRisklmanagementlre
view
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Download Insurance Principles: A Study Guide with Exam Questions and Answers and more Exams Nursing in PDF only on Docsity!

AINS 101 Study Guide Exam Questions and Verified Answers

  1. BilllislanlinsurancelproducerlforlandlemployedlbylABClInsurancelCompanyl(ABC).lHelrepre sentslonlylABClwhenlmarketinglinsurancelproducts,landluseslanladministrativelstafflalsolem ployedlbylABC.lBilllislalproducerlinlthe:lDirectlwriterlmarketinglsystem
  2. Becauselthelinsurancelcompanylusuallyldetermineslpolicylwordinglandlthelinsuredlhasllit tlelchoicelbutltol"takelitlorlleavelit,"lanlinsurancelcontractlisla:lContractlofladhesion
  3. Whichloneloflthelfollowinglbestlexplainslwhylproducerslshouldlbelalertltolchangeslinlclie nts'llosslexposures?:lImplementedlrisklmanagementltechniqueslmaylproveltolbelineffectivelorl becomelobsolete
  4. AtlGreenfieldlInsurancelCompany,lBernadettelandlRachellarelcorporatelun- lderwriters,landlTomaslandlJoselarelfieldlunderwriters.lAllloflthelfollowinglarelunderwritinglac tivitiesltypicallylperformedlbylcorporatel(orlstaff)lunderwritersllikelBernadettelandlRachel,lE XCEPT::lSupportlproducerslandlinsureds
  5. JoellislthelunderwriterlforlStantonlIndustries.lHelreceivedlalnoticelfromlthelpremiumlaudit orlonlthelaccount.lAfterlalrecentlvisitltolthelinsured'sllocation,lthelauditorlwantedltolmakelJo ellawareloflaldeclinelinlthelbusinesslandlsomelquestionablelbusinesslpractices.lWhichlonelo flthelfollowingltypesloflhazardslislthelauditorlidentifying?:lMorallhazards
  6. Morallhazards:lincludelquestionablelbusinesslpracticeslorlalfailinglbusiness.
  7. JameslWestlislalclaimslreplwithlHatterslInsurance.lAslhellearnslhowltolhandlelalclaimlfro mlstartltolfinish,lwhichloneloflthelfollowinglbestldescribeslthelcorrectlorderlforlhimltolfollow lduringlthislprocess?:lIdentifyinglthelpolicy,lcalculatinglallosslreserve,ldetermininglthelcauselofll oss,lpreparinglallosslstatement
  8. Margaretlwaslseverelylinjuredlandlscarredldueltolalrecentlaccident.lWhichloneloflthelfoll owinglislanlexampleloflgeneralldamageslMargaretlreceived?:l- lCompensationlforldisfigurement
  9. Donnalislanlinsurancelproducer.lShelmakeslanlappointmentlwithlpotentiallpolicyholderl Sandieltolreviewlherllosslexposures.lShelaskslSandieltolcom- lpletelalquestionnaireltolassistlherlinlthisleffort.lDonnalislconductingla:lRisklmanagementlre view
  1. RachellislalnewlemployeeloflWestleylInsurance,landlhaslbeenlaskedltolreviewlsomelexis tinglpoliciesltolbecomelfamiliarlwithltheltypesloflpolicieslshelwilllbelworkinglwith.lWhichlonelo flthelfollowinglwilllRachellfindlisltruelaslshelconductslherlreview?:lRachellfindslthelpolicylbegi nslwithlalcoverageloverviewlandlthenlgoeslintolmorelcoverageldetails.
  2. Sports,lInc.lisllookingltolobtainlalcommerciallpropertylpolicylonlitslbuild- linglforl$400,000.lIfltheirlinsurerldecidesltolchargelthemlalratelofl$0.50lper $100loflbuildinglinsurance,lwhatlpremiumlmustlSports,lInc.lpay?:l$2,

helresultinglclaimlmadeltolSean'slinsurancelcompanyland

assignedltolAndrealinlthelclaimsldepartment,lSeanlandlWilburlandlAndrealare,lrespectively, :lInsuredlandlclaimantlandlclaimslrepresentative

  1. Earnedlpremiumslarelthelportionloflwrittenlpremiumslthat:lApplyltolthelpartloflthelpolicylpe riodlthatlhaslalreadyloccurred.
  2. Whichlonelofltheselislmostldirectlylassociatedlwithlalsatisfiedlcustomer?- :lLeadslandlreferralslthatlcanlbelusedltolgeneratelnewlbusiness
  3. Forlallosslexposureltolbelideallylinsurablelitlmustlbeldefinitelin:lTime,lcause,landlloc ation.
  4. Becauselinsurancelcontractslimposelanlobligationlforlethicallpracticeslandlbehavior slonlthelpartieslwhileldealinglwithlonelanother,lanlinsurancelcontractlislcalledla:lContrac tloflutmostlgoodlfaith.
  5. Whichltwoloflthelfourlquadrantsloflrisklarelclassifiedlaslpurelrisks?:lHaz- lardlriskslandloperationallrisks
  6. PravaltlConstructionlCompanylpaysllesslthanlitslcompetitorslforlworkerslcompensatio nlinsurancelbecauselPravaltlhaslhadlsubstantiallylfewerlem- lployeelinjurieslthanlotherlfirmslinlitslclass.lThislillustrateslwhichloneloflthelfollowinglbenefi tsloflinsurance?:lPromotelrisklcontrollactivity
  7. Thelprocessingloflalmostleverylclaimlinvolveslwhichloneloflthelfollowinglactivities?:lDet ermininglthelamountlofldamageslorlextentloflloss
  8. ErinlhaslrecentlylgraduatedlfromlcollegelandlrelocatedltolChicago.lShelhaslpurchasedl alcarlandlrentedlanlapartmentlandlnowlneedsltolpurchaselinsurance.lShelislcomfortablelbu yinglfromlsociallmedialrecommendationslandlrecentlylwaslimpressedlwithlanlinsurerlsendi nglherlcoverageldetailslon- llinelwithlalminimumloflformslandlsalespersonlinteractions.lWhichloneloflthelfollowinglisllik elylthelbestldistributionlchannelltolmeetlErin'slneeds?:lDirectlresponse
  9. directlresponseldistributionlchannel:lusinglsociallmedia,lemaillblasts,lweb- lsitelads,landldirectlmaillwouldlbelthelbest
  10. Risklcontrollcanlassistlthelclaimsldepartmentlby:lProvidingllaboratorylanaly-lses.
  11. Allloflthelfollowinglarelsourcesloflunderwritinglinformationltolevaluatelanlinsurancelsub mission,lEXCEPT::lUnderwritinglauthoritylreports
  12. AllianlInsurancelCompanylislalgrowinglregionallinsurerlsellinglpolicieslinlthreelstates,ls

alcollectionloflpolicylprovisions.lHeldiscoverslallloflthelfollowinglpolicylprovisions,lEXCEPT::lE xceptions

  1. policylprovisions:lconditions,ldefinitions,landldeclarations. Thelotherltwolmainlprovisionslinlalpolicylarelthelinsuringlagreement,landlthelexclusions.
  2. JoelislthelownerloflJGlAutolRepair.lHelislalwayslfrustratedlwithlthelamountloflcommerciallin surancelpremiumlhelpaysleverylyear,levenlthoughlhelhaslnotlhadlalsinglelclaimlinloverl 10 lyears .lJoelisllookingltolpartnerlwithlanlinsurancelcompanylthatlwilllsharelitslprofitslandlmaybelretur nlalportionloflhislpremiumliflthelresultslarelgood.lWhichloneloflthelfollowingltypesloflinsurerlisl thelrightlfitlforlJoe?:lMutuallinsurer
  3. Mutuallinsurer:lownedlbylitslpolicyholderslandlformedlaslalcorporationlforlthelpurposeloflpr ovidinglinsuranceltolthem.lTolsharelprofits,lmutuallinsurerslmaylpayldividendsltolpolicyholdersl aslalreturnloflalportionloflpremiumslpaid.
  4. Michaellislalcommercialllineslunderwriter.lHelreceivedlalrisklcontrollreportlonlalnewlbu sinesslthatlhelhadlrecentlylwrittenlwithlLaura,loneloflhislproducers.lAfterlreviewinglthelrepo rt,lMichaellcontactedlLauraltolletlherlknowlthatltheylneededltolprocesslalpolicylchangelrequ estladdinglalnewlclassi- lficationlandlsomelexposuresltolthelgenerallliabilitylpolicy.lTheselactivitieslareloccurringldu ringlwhichloneloflthelfollowinglstepsloflthelunderwritinglprocess?:lMonitorlthelunderwritingl decision
  5. Earnedlpremiumslarelshownlonlanlinsurer'slincomelstatementlbecauseltheylare:lRev enues
  6. WindsorlInsurancelhaslsoldlmorelpersonallautolpolicieslinlthelrecentlquarterlthanleverl beforelinlitslhistory,lthanksltolnewlcommissionlincentiveslforlambitiouslstafflmembers.lEve nlthoughlWindsorlislcollectinglmorelmoneylupfront,litlislactuallylmakingllesslperlpolicylafterlr emittinglthelhigherlcommis- lsions.lSomelclaimlpaymentslarelalsolnowlbeingldelayed,lresultinglinlmanylcomplaintslagai nstlthelcompany.lWhichloneloflthelfollowinglobjectivesloflinsurancelregulationlislnotlbeinglr ealizedlthroughlthislscenario?:lMaintaininglinsurerlsolvency
  7. Iflanlinsuredlwantsltolreceivel"newlforlold"linltheleventloflalpropertylloss,lhelorlshelwouldl purchase:lReplacementlcost
  1. JoelandlHelenelarelmarriedlwithltwolteenagelchildrenlandltwoldogs.lTheylownlthreelcarsl andlallargelhouselwithlalswimminglpoollinlthelbacklyard.lTheirlinsurancelagentladvisedlthe mlthatlthelpool,lteenageldrivers,landldogslputlthemlatlrisklforllargelliabilityllosses.lWhichlon eloflthelfollowinglpersonal
  1. Alstocklinsurerldifferslfromlalreciprocallinsurancelexchangelinlwhichloneloflthelfollo winglways?:lStockholderslownlalstocklinsurer.lMemberslownlalreciprocallinsurancelexchang e.
  2. Sota'slSuperstorelhaslrecentlylbecomelanlinsuredloflKeithlylInsurancelCompany.lKai to,lKeithly'slpremiumlauditor,lislbeinglsentltolconductlanlad-

vancelaudit.lWhichloneloflthelfollowingltaskslwilllKaitoldoltolassistlunder- lwriting?:lClassifylthelvariouslexposures

  1. Martina,lalpremiumlauditorlforlCintrielllInsurancelCompanylislconductinglalpremiumlau ditlforlCarolina'slCookies.lCarolinalmentionedltolMartinalthatlshelislopeninglalcoffeelshopla tlanotherllocation.lBylsharinglthislinformation,lMartinalwouldlprovidelalcontributionltolwhic hloneloflthelfollowinglinsurerlfunctions?:lUnderwriting
  2. WhenlthelSmithslpurchasedltheirlfirstlhome,ltheylwerelrequiredltolpur- lchaselalhomeownerslinsurancelpolicylinlorderltolgetlalmortgage.lBecauseltheyldidlnotlha velallotloflextralmoneylinltheirlbudget,ltheylwantedltolbuy asllittlelinsurancelcoveragelaslpossible.lThelSmiths'linsurancelagentladvisedlthemlthatliflthey lpurchaselanlinsurancelpolicylthatladequatelylcoversldamageltoltheirlhomelandlpersonallpro perty,ltheylonlylhaveltolbudgetlforlthelinsur- lancelpremium,lratherlthanlthelfulllcostloflrebuildinglthelhouselandlreplacinglitslcontents.lW hichloneloflthelfollowinglkeylcomponentsloflinsurancelislthelinsurancelagentlexplainingltolt helSmiths?:lTransfer
  3. John'sltwo-year-oldlbicyclelwaslstolen.lThelbicycle'slpurchaselpricelwas $700,litslcurrentlreplacementlcostlisl$800,landldepreciationlwaslestimatedlat $450.lWhatlwaslthelbicycle'slactuallcashlvalue?:l$
  4. JennielrecentlylpurchasedlalpersonallautolpolicylfromlWestcoxlInsurers.lThreelweeksll ater,lJennielreportedlherlcarlwaslstolenlfromlherldrivewaylduringlthelmiddleloflthelday.lUponl furtherlinvestigation,lclaimslrepresentativelHarrylfindsloutlthelhomeladdresslhelhaslonlfilelfo rlJennieldoeslnotlmatchlthellocationlwhereltheltheftloccurred.lInllightloflthislscenario,lwhichl oneloflthelfollowinglwouldlbelparticularlylhelpfullforlHarryltolpursuelconcerninglJenny'slclaim ?:lHarrylcanlverifylJennie'sladdresslandlotherlpossiblelhelpfullinformationlbylreviewinglherlpolicy lwhichlhaslherloriginallapplicationlinformationlattached.
  5. Aslalsinglelmotherlonlalveryltightlbudget,lCiaralisltemptedltolskimplonlherlinsurance.lH owever,lherlfriendlMehmetltellslherlnotltolskimplonlinsur- lance,lbecauselitlwilllhelplmanagelherlcashlflows.lWhichloneloflthelfollowinglexampleslbestl illustrateslMehmet'slpoint?:lWhenlherlcar'slwindshieldlbreaks,lCiaralhasltolpaylonlyl$100loflt hel$600lcostloflreplacinglit.
  6. Whichloneloflthelfollowinglrepresentsluncertaintylaboutloutcomeslthatlcanlbelnegati

escapelthelbuilding.lWhichloneloflSheltonlIndustries'lcommerciallproperty-ca- lsualtylpolicieslwouldlpaylforlthelemployees'linjurieslandlillnesses?:lWorkerslcompensationl insurance

  1. Anlinsurerlthatlwaslformedlforlthelpurposeloflearninglalprofitlforlitslstockholdersli sla:lStocklinsurer
  2. InsurancelCompanylwrotelalcommerciallliabilitylpolicylforlalmanufacturerlofloff- roadlmotorcycles.lThelpotentiallcostsloflthelinsured'sllosslexposurelexceedlInsurancelCo mpany'slcapacity.lInsurancelCompanylcouldlconsiderlwhichloneloflthelfollowingltypesloflco ntractualltransferringlagreementltolmeetlitslneeds?:lReinsurance
  3. Mutuallinsurance:lprovidelinsurancelforltheirlownlpolicyholders
  4. Interinsurance:lanotherlnamelforlalreciprocal
  5. Reciprocallinsurance:lprovidelinsurancelforltheirlsubscribers
  6. Jimmyldecidedltolbuylalhouselinlhislneighborhoodlthatlhadlbeenlfore- lclosedlonlbylthelbanklthatlheldlthelmortgage.lHelislhopingltoldolsomelrenovationlandlrep airlworklonlthelhouse,landlthenlselllitlforlalquicklprofit.lWhichloneloflthelfollowingltypeslof lrisklislthislforlJimmy?:lSpeculativelrisk
  7. Canlresultlinllosslorlgain:lSpeculativelRisk
  8. Inlanleffortltolreducelexpenses,lincreaselprofitability,landlreducelhumanlerrors;lABClIn surancelCompanyldecidedltolautomatelmostloflitslpersonalllineslunderwritinglfunction.lTh elcompanylnowluseslstandardizedlapplicationlformslthatlarelsubmittedlelectronicallyltolon eloflthelcompany'slregionalloffices.lAtleachlregionalloffice,lalcomputerlwithlalscannerlread slthelappli- lcations.lThelcomputerlhaslbeenlprogrammedlwithlacceptablelanswersltolthelquestions.lIflt helanswerslonlthelapplicationlarelalllacceptable,lthelpolicylislautomaticallylissued.lReject edlapplicationslarelautomaticallylforwardedltolalhumanlunderwriterlwholreviewslthem.lThel useloflthisltechnologylhaslreducedlthelcompany'slexpenselratiolbyltwolandlalhalflpercent,lan dlreducedltheltimelitltakesltolissuelalpolicy.lABClInsurancelCompany'sluseloflcomputersltol evaluatelapplicationslelectronicallylislanlapplicationlof:lArtificiallintelligence
  9. Oneloflthelreasonslforlinsurancelregulationlisltolpreventldestructive competition.lInlwhichloneloflthelfollowinglscenarioslwouldldestructivelcom- lpetitionlbelexhibited?:lEastlInsurancelcomesluplwithlalnewlratelstructurelallowingl"preferredlcusto

mers"ldiscountedlpolicieslwhenltheylcontinuallylrenewlyearlafterlyear;lEastleventuallylloseslneed edlrevenuelbutlislrewardedlbylitslcompetitorslleavinglthelmarket

  1. Carloslislnewltolthelinsurancelbusinesslandlisllearninglaboutlinsurancelregulationlandl whatlhe,lnowlworkinglwithlGradylInsurance,lwilllneedltolbelawareloflregardinglthelsubjectlofl compliance.lWhichloneloflthelfollowinglwill

stafflunderwriter.lWhichloneloflthelfollowinglislprimarilylalresponsibilityloflstafflunde rwriters?:lReviselunderwritinglguidelines

  1. BrianlworkslinlthelUnderwritingldepartmentlforlDGHlInsurance.lInladditionltolcarefullylse lectinglinsureds,lhelworkslwithlproducerslandlpremiumlaudi- ltorsltolensurelaccuratelclassificationlandlpricing.lBrianlisla:lFieldlunderwriter
  2. Whichloneloflthelfollowinglislaltemporarylagreementlprovidinglinsurancelcoverageluntill thelformallpolicylislissued?:lBinder
  3. Aslanlexperiencedlunderwriter,lRicklhasllearnedltolmakeleveryleffortltolavoidlalmist akelthatlcanlproducelinsufficientlpremiumltolcoverllosses,lorlpricinglthatlisn'tlcompetit ive.lWhichloneloflthelfollowinglunderwritinglmistakeslcanloftenlcauseltheselissues?:lMi sclassifyinglexposures
  4. Boblislshoppinglforlautolinsurance.lInsurancelCompanylA'slratinglsystemldeterminesltha tlBoblshouldlbelchargedl$800lperlauto.lIflBoblisllookingltolinsurelfourlautos,lwhatlpremiuml willlhelbelchargedlbylInsurancelCompanylA?:l$3,
  5. Thelsizeloflanlemployer'sllosslexposurelforlworkerslcompensationlinsur- lancelislbasedlon:lThelamountloflitslpayroll
  6. StephanielworkslforlWaynesgoodlInsurance.lShelappreciateslthelhelplshelreceiveslfroml Clemlinlthelcompany'slclaimsldepartmentlwholprovideslherlwithlrecentlstatisticslandlcom mentslonlWaynesgood'slcustomerlsatisfactionllevels.lStephanielworkslinlwhichloneloflthelfol lowingldepartments?:lMarketing
  7. Willis,lalclaimslrepresentative,lislcollaboratinglwithlhislcolleaguelSuzannalfromlhislinsur ancelcompany'slrisklcontrolldepartment.lHowlwilllSuzannalhelplWillis?:lProvidellaboratoryla nalysislwhenlWillislislinvestigatinglalclaim
  8. WorklonlalnewlclaimlbeginslforlclaimlrepresentativelAnitaluponlreceiptloflalclaimlnotice.l Anitalgatherslinitiallinformationlandlverifieslcoverage.lFromlthellistloflactivitieslbelow,ltheln extlsteplAnitalwouldltakelinlthelprocesslis:lSetlallosslreserve
  9. Understandinglthelstepslinlthelclaimslhandlinglprocesslislimportantltolnewlclaimslre ps.lWhichloneloflthelfollowinglstepslgenerallylcomeslafterlinvestigatinglandldocumentingl thelclaimlandlbeforelconcludinglthelclaim?- :lDetermininglcauselofllosslandllosslamount
  10. AfterlMarvin'slcarlwaslstolen,landlhelwaslreimbursedlforlthellosslbylGreatsonlInsuranc e,lthelpolicelfoundlandlreturnedlthelvehicle,lwhichlwasldentedlandlspray- painted,lbutlstilllhadlpartslthatlcouldlbelusable.lGreatson'slrightsltolrecoverlandlselllorlother
  1. Whichloneloflthelfollowingllistslprovidesltheloptimumlorderloflresponsi- lbilitieslthatlalproducerlmaylengagelwithlanylcustomerlonlalcontinuallbasis?- :lMeetinglalprospectivelcustomer,ldoinglalneedslandlactivitieslanalysis,lpreparinglalcoveragelpr oposal,lclosinglthelsale
  2. Tonylislalproducerlworkinglwithlseveralldifferentlinsurers.lWhichloneloflthelfollowingl mostlaccuratelyldescribeslTony'slactivitieslforlreachingland servinglcustomers?:lTonylwilllgenerallylneedltolspendllessltimelinsuringlalfamily'slactivitieslthanlalb usiness'lserviceslandlliabilities
  3. AlicialworkslforlthelDrewmanlAgency,lSandilatlinsurerlGreenwaylInsur- lance,landlRosalatlGrossmanlBrokers,lalllaslcustomerlservicelrepresentatives.lWhichloneloflt helfollowinglisltruelregardingltheirlwork?:lAlicialcanlprocesslpolicylendorsementslandlexplain lcoverageltolherlcustomers
  4. Whichloneloflthelfollowinglaccuratelyldescribeslactivitieslrelatedltolcus- ltomerlservicelrepresentatives?:lProfitabilitylinlthelinsurancelbusinesslisldirectlyllinkedltolcus tomerlretention
  5. LeadonlTransportationlislusinglthelexpertiseloflitslproducerlCarmenltolhelplthelorgan izationlunderstandlhowltolcorrectlsubstandardlperformancelaslwelllaslevaluatelexceede dlstandards.lOnelmeasurementlshelwillluselislthelcostloflrisklwhichlislbestldescribedlas:lT heltotallcostloflalllaspectsloflthelorganizationlthatlrelateltolmanaginglrisk
  6. WaycroftlIndustrieslislworkinglwithltheirlinsurancelproducerlGraydonlMurphy.lGrayd onlandlthelrisklmanagerslatlWaycroftlhavelalreadylcompletedlthelfirstlsteploflthelrisklconsul tationlprocess.lThelsecondlsteploflthelprocesslis:lComparinglanlorganization'slresultslwithlest ablishedlperformancelstandards
  7. Insuranceldealslprimarilylwithllosslexposureslthatlarelfortuitous.lWhichloneloflthelfoll owinglstatementslbestlcharacterizeslfortuitousllosses?:lFortu- litousllosseslarelbeyondlthelinsured'slcontrol
  8. Adheringltolthelcharacteristicsloflanlideallylinsurablellosslexposurelinlsellinglinsuran celhelplassurelthat:lThelinsurerlislableltolchargelalpremiumlthatlthelinsuredlcanlaffordltolpay
  9. Anlinsurerlhasldecidedltoltakelanlextremelylnarrowlinterpretationloflalpropertylinsura ncelpolicylprovisionltollimitlthelnumberlofllosslpaymentslitlwilllneedltolmake.lItlrealizesltha tlitslinterpretationlislprobablylwrong,lbutlitlknowslthatlindividuallinsured'sllosslamountslwil

llbelsmall,lsuchlthatlmostlinsuredslwilllnotltakeltheltroubleltolfilellawsuitslagainstlit.lThelins urerlmaylbelviolatinglthelprinciplelthatlanlinsurancelpolicylis:lAlcontractloflutmostlgoodlfaith

  1. Anlinsurancelpolicylislconsideredlalcontractlofladhesionlwhenlitlisldraftedlbylthe :lInsurer