Retention is often used in combination with insurance as a way of treating loss exposures. One of the major downsides of individuals using retention alone is

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Retention is often used in combination with insurance as a way of treating loss exposures. One of the major downsides of individuals using retention alone is

A. The unavailability of insurer loss control services.
B. The potential for financial ruin.
C. The record keeping associated with retained losses.
D. Availability of insurer loss settlement services.

Answer: B. One of the major downsides of individuals using retention alone is the potential for financial ruin.

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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