Chapter 08
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Identify the six characteristics of an ideally insurable loss exposure. | show 🗑
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| show | The purpose of insurance is to indemnify the insured for a loss, not to enable the insured to profit from the loss. If the loss exposure has a possibility of gain, the insurance premium the insurer would have to charge would offset the potential gain.
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| show | 1. The event that led up to the loss 2. When that event or series of events occurred 3. Where that event occurred.
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| Describe the types of losses an insurer might consider uninsurable because the premium charged would not be economically feasible. | show 🗑
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| show | 1. Premises and operations liability 2. Products liability
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| What is premises and operations liability? | show 🗑
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| show | Liability because of bodily injury or property damage resulting from defective or inherently dangerous products.
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| Compare the insurability of personnel losses caused by an employee's death and those caused by an employee's retirement. | show 🗑
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| Identify property loss factors used in determining the degree of insurability of personal residences for fire, windstorm, and flood causes of loss. | show 🗑
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| Identify common sources of liability risk faced by individuals. | show 🗑
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| Identify the bases on which government insurance programs vary. | show 🗑
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| show | 1. Property-casualty insurance plans 2. Social insurance plans 3. Financial security plans
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| Identify the major difference between the objectives of private market insurance and government provided insurance. | show 🗑
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| show | 1. To fulfill insurance needs unmet by private insurers 2. To compel people to buy a particular type of insurance 3. To obtain greater efficiency and/or provide convenience to insurance buyers 4. To achieve collateral social purposes
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| Identify three levels of governmental participation in governmental insurance programs. | show 🗑
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| What is the relationship between continuous learning and competent performance? | show 🗑
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| show | They are best resolved through the procedures established for this purpose within the organization or through civil legal action. The Code of Ethics is not a remedy for employer-employee disputes.
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| show | BEI will hear ethics complaint after all other remedies have been exhausted and either a proven violation caused unjust harm to another and brings substantial discredit on CPCU designation or it would be in public interest to take disciplinary action.
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| How might a CPCU violate Rule R4.2? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
ttran