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vladimir2022 [97]
3 years ago
6

whiche one of the following are not elements of an insurable risk a) determinable probability distribution b) calculate chance o

f loss c) fortuitous loss d) catastrophic loss e) none​
Business
2 answers:
marissa [1.9K]3 years ago
8 0

Answer:

Due to Chance

An insurable risk must have the prospect of accidental loss, meaning that the loss must be the result of an unintended action and must be unexpected in its exact timing and impact.

The insurance industry normally refers to this as "due to chance." Insurers only pay out claims for loss events brought about through accidental means, though this definition may vary from state to state. It protects against intentional acts of loss, such as a landlord burning down his or her own building.

Definiteness and Measurability

For a loss to be covered, the policyholder must be able to demonstrate a definite proof of loss, normally in the form of bills in a measurable amount. If the extent of the loss cannot be calculated or cannot be fully identified, then it is not insured. Without this information, an insurance company can neither produce a reasonable benefit amount or premium cost.

For an insurance company, catastrophic risk is simply any severe loss deemed too expensive, pervasive, or unpredictable for the insurance company to reasonably cover.

Statistically Predictable

Insurance is a game of statistics, and insurance providers must be able to estimate how often a loss might occur and the severity of the loss. Life and health insurance providers, for example, rely on actuarial science and mortality and morbidity tables to project losses across populations.

Not Catastrophic

Standard insurance does not guard against catastrophic perils. It might be surprising to see an exclusion against catastrophes listed among the core elements of an insurable risk, but it makes sense given the insurance industry's definition of catastrophic, often abbreviated as "cat."

There are two kinds of catastrophic risk. The first is present whenever all or many units within a risk group, such as the policyholders in that class of insurance, are all be exposed to the same event. Examples of this kind of catastrophic risk include nuclear fallout, hurricanes, or earthquakes.

The second kind of catastrophic risk involves any unpredictably large loss of value not anticipated by either the insurer or the policyholder. Perhaps the most infamous example of this kind of catastrophic event occurred during the terrorist attacks on Sept. 11, 2001.

ankoles [38]3 years ago
5 0

Answer:

okay

Explanation:

okayndhdjsoakcgheioazncndjjaak

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Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.

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3 years ago
Substance use/abuse becomes a form of self-soothing when you feel stress or anxious
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3 years ago
This information relates to Wildhorse Co..
noname [10]

Answer:

Wildhorse Co.’s books

Perpetual Inventory System

Date                  Account                                        Dr.              Cr

5 April                 Merchandise Inventory       $28,200

                              Accounts/ Notes Payable                                $28200

Purchased merchandise from Carla Vista Company for $28,200, terms 2/10, n/30.

6 April                 Freight Charges                  $ 710

                                Cash                                                   $ 710

Paid freight costs of $710

7 April                    Equipment                    $ 33200

                               Accounts Payable                              $ 33,200

Purchased equipment on account for $33,200.

8 April                 Accounts Payable             $3800

                                Merchandise Inventory                     $ 3800

Returned $3,800 of April 5 merchandise

15 April                  Accounts Payable               $ 24,400

                                 Purchases Discount                              488

                                 Cash                                                       $ 23,912

Paid the amount due ($28,200- $3800= $24,400)

2% of $ 24,400= $ 488

b. Payment of balance due on May 4 instead of Apr 5

4 May                Accounts Payable             $ 24,400

                                   Cash                                                  $ 24,400

4 0
3 years ago
Geese Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based on beginning inventory and 6
Nataly_w [17]

Answer:

$152,000

Explanation:

Calculation for the cost of the ending inventory

First step is to calculate the cost-to-retail percentage of the beginning inventory amount

Using this formula

Beginning Inventory =Cost-to-retail percentage*Beginning inventory at retail

Let plug in the formula

Beginning Inventory =60%*$200,000

Beginning Inventory =$120,000

Second step is to calculate current-period purchases percentage of the new layer amount

Using this formula

Current period purchases= Purchases percentage* New layer

Let plug in the formula

Current period purchases=64%*50,000

Current period purchases=$32,000

The last step is to find the cost of the ending inventory using this formula

Ending inventory cost=Beginning Inventory+Current period purchases

Let plug in the formula

Ending inventory cost=$120,000+$32,000

Ending inventory cost=$152,000

Therefore the cost of the ending inventory will be $152,000

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4 0
3 years ago
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