Fundamentals of Insurance Bundled Exams with Complete Solution | Download to Score A | Verified

Main purpose of Insurance - Allow the spread of risk Definition of Insurance - -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 by an insured. ...

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 sp...

Assets - money or property you own Beneficiary - in life insurance, a person or entity named in the insured's will who should receive the benefits upon the insured's death Claim - a written request for reimbursement to cover loss or damage that occurred from a specific event Coverage - protec...

Assets - money or property you own Beneficiary - in life insurance, a person or entity named in the insured's will who should receive the benefits upon the insured's death Claim - a written request for reimbursement to cover loss or damage that occurred from a specific event Coverage - protec...

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." - True. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provided for...