Strategies to Limit Losses Before and During a Realized Adverse

question 29

Multiple Choice

Strategies to limit losses before and during a realized adverse event is covered by which of the following plans in the mitigation control approach?

• A) incident response plan
• B) business continuity plan
• C) disaster recovery plan
• D) damage control plan

Understand the role and implications of coinsurance, pro rata, and other clauses in managing and distributing insurance losses.

Recognize the requirements and conditions for insurable interest in property and life insurance policies.

Identify conditions under which policy reformation or adjustments occur due to misunderstanding or omissions.

Understand the circumstances under which insurers are obligated to pay or deny claims and the implications for policyholders.

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Definitions:

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A pattern of behavior intended to harm or injure others, either physically or verbally.

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A theory proposed by psychologist Robert Selman, outlining the stages of social perspective taking that children undergo as they develop.

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A term describing the closest and most significant friendship typically characterized by a deep mutual affection.