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Study with Quizlet and memorize flashcards containing terms like 1.The proximate cause of loss is: (a) a loss event not covered within an insurance policy (b) the first peril in a chain of events resulting in loss (c) a loss that occurs in close proximity to an insured (d) a loss from risks that are catastrophic in nature (e) the last peril in a chain of events resulting in loss, 2. A pure ...
Study with Quizlet and memorize flashcards containing terms like Define psychology, Goals of psychologists in terms of both basic science and application., Willhelm Wundt (1879) and more.
Injuries sustained: While occupying a vehicle with fewer than four wheels While operating the vehicle as a public or livery conveyance When the vehicle is used as a residence When using the vehicle during the course of employment, or for business When the vehicle is used without a reasonable belief of permission When injuries are from a nuclear weapon or war When the vehicle is competing in a race
Any loss or damage to the house will result in a financial loss to John. Therefore, John has an insurable interest in the house and should obtain insurance on the house in his name. Some companies will consider approving an assignment of an insurance policy from the old owner to the new owner, but this is not a universal practice.
Direct losses are the first or immediate losses that arise from an event. I.e. damaging to a house because of fire. An indirect loss is a loss that occurs only as a secondary result following the occurrence of a peril.
In the field of psychology, "severity" refers to the extent, intensity, or magnitude of psychological conditions, disorders, symptoms, or issues that individuals experience. Assessing the severity of psychological conditions is crucial for determining appropriate treatment strategies, understanding the impact on an individual's daily life, and predicting potential outcomes.
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Why do insurance companies worry about low severity claims?
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Jun 11, 2019 · When assessing the risk of a business, insurance companies look at three factors when it comes to their claims; the cause(s) of loss, the frequency of similar incidents and the severity of each. Claims are typically categorize them into these four classifications: 1. Low Frequency – Low Severity 2. High Frequency – Low Severity 3.
