A Bundle of Fundamentals of Insurance - Licensing Practice Exams |Questions with 100% Correct Answers | Verified | Latest Update 2024 Graded A+
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What are the five important functions of insurance? 1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount of payment is restricted to the amount required to indemnify the insured 4) insurance covers losses t...
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Add to cartWhat are the five important functions of insurance? 1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount of payment is restricted to the amount required to indemnify the insured 4) insurance covers losses t...
Types of Insurance Life, Health, Disability, Property, Long-Term care, Personal liability Categories of Risk Pure Speculative Subjective Objective Fundamental Particular Nonfinancial Financial
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Add to cartTypes of Insurance Life, Health, Disability, Property, Long-Term care, Personal liability Categories of Risk Pure Speculative Subjective Objective Fundamental Particular Nonfinancial Financial
1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - a. Having authority from the Insurer to put insuran...
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Add to cart1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - a. Having authority from the Insurer to put insuran...
priori reasoning reasoning with conclusions that are based on self-evident propositions (also known as deductive reasoning). One can reason a priori that the probability of a result of tails in the flip of a coin is one in two.
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Add to cartpriori reasoning reasoning with conclusions that are based on self-evident propositions (also known as deductive reasoning). One can reason a priori that the probability of a result of tails in the flip of a coin is one in two.
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 make thei...
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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 make thei...
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