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BUSI 352 Quiz 3 Answers Liberty University | Complete Solution
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BUSI 352 Quiz 3 Answers Liberty University | Complete Solution

 

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Question 1 Nathan, age 35, came into your office today. He has been a client of yours for a long time. He has neglected his insurance portfolio up until this point and wants to complete the personal risk management process. Together you determine that his insurance objective is to “insure, in the most economical way, only those risks that have the potential of causing catastrophic financial loss.” You also identified all of the possible risk exposures. In evaluating these risks, which of the following is true?

Question 2 If a risk has a high frequency of occurrence and a high severity, you should:

Question 3 You recently met with your client, Don, age 40. Don is widowed and has one dependent child. During your meeting with him, you discussed the concept of risk management. Which of the following statements regarding the ways to manage risk is incorrect?

Question 4 Zach and Laura recently purchased a new home. They came to your office to ask several questions about their homeowner’s policy. Which of the following is true regarding homeowners insurance?

Question 5 Tom is interested in purchasing a personal liability umbrella policy (PLUP). He has asked you to educate him on this type of policy. Which of the following is true?

Question 6 Which of the following is not a methodology used to determine the amount of necessary life insurance?

Question 7 During your recent meeting with Ron, a new client, you discussed the concept of risk. You defined several terms for Ron. Which of the following terms is defined as the possibility of loss, but no possibility of gain?

Question 8 Jim’s car was totaled in a wreck. He failed to yield to oncoming traffic, and Jim was found to be at fault. The driver of the car he hit did not have insurance. Jim’s own car insurance policy reimbursed him for the property damage to his own vehicle. What type of coverage would pay for this?

Question 9 An HO­3 policy (“open perils” except those specifically excluded) with no endorsements excludes which one of the following perils?

Question 10 In order to have an insurable risk, all of the following must be present except?

Question 11 Julie is a doctor who specializes in performing heart surgery on babies. She has a long­term disability policy that covers her in the event that she can no longer perform this type of surgery due to disability. What type of long­term disability insurance policy does she have?

Question 14 Which of the following statements regarding life insurance needs are correct? 1: The human value approach looks forward for information. 2: The capitalization of income approach looks at right now only for information. 3: The needs approach looks at future needs of dependents but does not consider the estate that the decedent would have built had he lived.

Question 15 You recently met with your client, Tripp, to discuss his insurance policies. Tripp was reading a book on contracts and wanted to know how his insurance contract related to the material he was reading and to his circumstances. During your conversation, Tripp made several statements to clarify that he understood insurance. Which of the following statements would you have told him was incorrect?

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BUSI 352 Quiz 3 Answers Liberty University | Complete Solution
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  • Submitted On 28 Jul, 2018 04:35:03
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Question 1 Nathan, age 35, came into your office today. He has been a client of yours for a long time. He has neglected his insurance portfolio up until this point and wants to complete the personal risk management process. Together you determine that his insurance objective is to “insure, in the most economical way, only those risks that have the potential of causing catastrophic financial loss.” You also identified all of the possible risk exposures. In evaluating these risks, which of the following is true? Selecte...
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