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Bundle for Fundamentals of Insurance tests compilation | questions and answers| verified
Bundle for Fundamentals of Insurance tests compilation | questions and answers| verified
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Fundamentals Of Insurance (BC) 117| Questions with 100 % correct Answers | Verified | A+
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Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - C. Allow spr...
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Add to cartInsurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - C. Allow spr...
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Chapter 1 - Fundamentals of Insurance| Questions with 100 % correct Answers | Verified
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Spread of Risk - - "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot provides for payment for the losses of those who have claims Basis of Credit System - Consumer access to insurance frees up credit Eliminates Worry - Encourage...
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Add to cartSpread of Risk - - "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot provides for payment for the losses of those who have claims Basis of Credit System - Consumer access to insurance frees up credit Eliminates Worry - Encourage...
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Fundamentals to Insurance| 404 Questions with 100 % correct Answers | Verified
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List the 5 functions of insurance: - 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - 1) insurance provides a means of shifting o...
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Add to cartList the 5 functions of insurance: - 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - 1) insurance provides a means of shifting o...
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HS 311 Fundamentals of Insurance Planning| Questions with 100 % correct Answers | Verified
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What is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they mak...
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Add to cartWhat is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they mak...
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