Group Medical Expense Benefits EXAMINATION NUMBER 50082300 - 75873

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Group Medical Expense Benefits EXAMINATION NUMBER 50082300 1. Which of the following best defines strategies used to reduce expected losses? A. Loss control C. Loss reduction B. Loss prevention D. Loss avoidance 2. Which of the following is associated with the reduction of the frequency of losses? A. Loss control C. Loss prevention B. Loss reduction D. Loss avoidance 3. Insurance coverage can reduce the incentives to undertake loss control activities if insurers A. help pay for the loss control. B. pay for losses anyway. C. reduce insurance premiums after loss control is implemented. D. don’t reduce insurance premiums after loss control is implemented. 4. Segregation of exposure units can reduce A. the expected frequency of losses. B. the expected severity of losses. C. both the expected frequency and expected severity of losses. D. only those losses that result from natural disasters. 5. Billy Bob earns $45,000 and faces a .007 probability of dying in a workplace accident. Jim Bob earns $41,000 and faces a .0038 probability of dying in a workplace accident. The two require the same level of skill and training. From this information, what is the implicit value of a person’s life? A. $315,000 C. $1,052,631 B. $571,428 D. $1,250,000 6. Which one of the following is not a potential benefit of loss control efforts to improve workplace safety? A. Reduced expected losses B. Increased worker productivity C. Improved marginal cost of safety D. Reduced insurance premiums 7. In business liability cases, courts may apply an economic standard for negligence called cost-justified precautions. This standard is met if the business A. spent at least 10% of its revenue on safety efforts. B. undertook safety costs whenever the marginal benefit of the safety effort was greater than the marginal cost. C. undertook safety costs whenever the marginal benefit of the safety effort was less than the marginal cost. D. has purchased adequate insurance. 8. Which of the following refers to laws passed by legislative bodies? A. Statutory law C. Criminal law B. Common law D. Tort law 9. Which one of the following liability rules frequently applies to products liability cases? A. No liability C. Strict liability B. Negligence D. Absolute liability 10. Under joint and several liability, A. a defendant’s spouse is equally liable for the defendant’s negligence. B. a defendant has no defenses against the charge of negligence. C. a defendant can’t be held fully responsible for losses he or she only partially caused. D. a defendant can be held fully responsible for losses he or she only partially caused. 11. Which one of the following is not a potential source of limited liability (or being judgment proof)? A. Bankruptcy laws B. Being elderly C. Lack of wealth D. Being incorporated (as a business) 12. Ted was injured in an accident that was caused by Judy’s negligence. As a result of the accident, Ted incurred $8,000 in medical bills. He filed and won a lawsuit against Linda, and the medical bills were paid by the judgment. These medical bills are what type of damages? A. Special compensatory damages B. General compensatory damages C. Special punitive damages D. General punitive damages 13. The conditions necessary for a plaintiff to show that a defendant was negligent include all of the following except which one? A. The defendant had a duty to the plaintiff and breached the duty. B. The defendant’s breach of duty was the proximate cause of the plaintiff’s injury. C. The defendant intended to cause harm to the plaintiff. D. The plaintiff suffered a loss. 14. In which of the following cases is the defendant always liable? A. No liability C. Strict liability B. Absolute liability D. Negligence 15. John was speeding into an intersection when Mary negligently was making a left turn. Their cars collided, and Mary sued John for her injuries. The jury determined that John was negligent and that Mary was 30% responsible for her own injuries. Mary’s actual damages were $25,000. If the contributory negligence rule applies in that jurisdiction, how much will Mary get? A. $25,000 C. $7,500 B. $17,500 D. Nothing
Solution Description

Group Medical Expense Benefits

EXAMINATION NUMBER

50082300

 

1. Which of the following best defines strategies used to reduce expected losses?

A. Loss control C. Loss reduction

B. Loss prevention D. Loss avoidance

2. Which of the following is associated with the reduction of the frequency of losses?

A. Loss control C. Loss prevention

B. Loss reduction D. Loss avoidance

3. Insurance coverage can reduce the incentives to undertake loss control activities if insurers

A. help pay for the loss control.

B. pay for losses anyway.

C. reduce insurance premiums after loss control is implemented.

D. don’t reduce insurance premiums after loss control is implemented.

 

4. Segregation of exposure units can reduce

A. the expected frequency of losses.

B. the expected se

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