Exam 10: Managing Property and Liability Risk

Risk reduction generally includes the use of insurance.

When shopping for insurance,your goal should be to "buy" what you need and not be "sold" more or less coverage.

Risk retention would be most appropriate in which of the following cases?

Which of the following HO forms is especially written for condominium owners?

In administering a risk-management program,you should use the maximum possible loss as a guide for the dollar amount of coverage to buy.

The state requirements to prove financial responsibility in case of an auto accident are most often fulfilled through buying ____ insurance.

The actual cash value (of personal property) represents the purchase price of the property less depreciation.

People who are uncomfortable with risk and who avoid it whenever they can are using the approach of

Buying insurance is the preferable way to handle risk for nearly all potential losses faced.