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Fundamentals of Insurance Exam, Self Exam Q & A, Chapter 1- 2, Chapter 1 Exam, Fundamentals to Insurance Exam, Practice Exam 2, Planning Practice Exam, Practice Exam 12, Practice Exam, FINAL Exam, Fundamentals of Insurance, Multiple Choice Exam, Exam Level 1, Final Test, Practice Exam, Fundamental...

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Fundamentals of Insurance - Practice Exam Questions With Correct Answers

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The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - Answer b. To share the losses of the few among the many A peril if best defi...

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Fundamentals of Insurance - Self Exam Q & A Solved 100%

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Main purpose of Insurance - Answer Allow the spread of risk Definition of Insurance - Answer -Payment's made only when a certain peril has damaged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused b...

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Fundamentals of Insurance - Chapter 1- 2 Practice Questions With Correct Answers

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Three Main Categories Of Risk - Answer1) Personal Risk 2)Property Risk 3)Liability Risk What is "Spread of Risk"? - AnswerInsurance provides a mechanism in which the losses of few are shared among many Property and Casualty Insurance includes...(3 types of insurance) - Answer1) Automobile ...

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Fundamentals of Insurance - Chapter 1 Exam Questions With Correct Answers

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- Answer The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - AnswerTo share the losses of a few among the many An analysis of the definition of insurance reveals five important points. Identify these five important points - Answer- Shif...

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Fundamentals to Insurance Exam Questions & Answers Solved 100%

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Chapter 1 - Intro - ANSWER List the 5 functions of insurance: - ANSWER1) 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) - ANSWE...

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Practice Exam 2 Fundamentals of Insurance Level 1 Questions & Answer

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Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - AnswerTrue. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provide...

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Fundamentals of Insurance Planning Practice Exam Solved 100%

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A loss exposure is defined as: (A) a loss that might occur (B) an undesirable end result of a risk (C) the largest possible loss (D) the probability of a loss - AnswerThe answer is (A) by definition Which of the following statements concerning the beneficiary provisions in a life insurance po...

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Fundamentals of Insurance - Practice Exam 12 Questions With Correct Answers

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A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7,000 b. 12,000 c. 30,000 d. 37,5000 - Answerc. 30,000 The reinstatement clause ...

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Fundamentals of Insurance - Practice Exam Questions & Answers Correct 100%

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Three Main Categories Of Risk - Anawer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Cap...

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Fundamentals of Insurance FINAL Exam Solved 100%

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Chapter 1 - AnswerIntroduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - Answerthe major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - Answ...

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Fundamentals of Insurance Questions & Answers Latest Updated

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The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Covera...

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Fundamentals of Insurance Multiple Choice Exam Correct 100%

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every policy of fire insurance ly covers fire,smoke, and specified types of explosions required by law to cover fire, windstorm,and lightning s fire,explosion, and windstorm required by law to cover at least fire, lightning, and specified types of explosions - A required by law to cover at l...

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Insurance Fundamentals Exam Level 1 Questions & Answers

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Insurance - Answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - Answerthe cause of a financial loss (ie. fire, water, earthquake) Risk - Answerthe chance of financial loss Purpose of insurance - Answerto allow the ...

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Fundamentals of Insurance Final Test Latest Updated

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Risk - AnswerThe Chance of loss happening Insurance Policy - Answerlegal contract designed to cover specific future losses Product Option - AnswerSpecial features added to a basic policy that increase the cost of the premium Insured - AnswerIndividual who agrees to transfer risk by paying c...

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Level 1 Fundamentals of Insurance Practice Exam Correct 100%

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Your client has made application for "appraisal". The intent of the appraisal process is to settle the dispute between your client and the insurer regarding the: a. Amount of the settlement being offered b. Denial of insurance coverage under the policy c. Right of the insured to purchase the sa...

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Fundamentals of Insurance Test Questions 7 Correct Answers

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Insurance industry is over 700 years old? - AnswerTrue First type of insurance: - AnswerMarine Lloyd's of London is not an insurance company? - AnswerTrue Why was it important to the colonists of the new world to transfer the risks associated with the trade industry? - AnswerBecause they s...

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