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Fundamentals Of Insurance (BC) Exam Questions With 100% Correct Answers 2024 What is the major function of insurance? - answerto allow the spread of risk What are the five important functions of insurance? - answer1) insurance is the shifting of financial responsibility for a loss 2) payment wi...

Fundamentals Of Insurance - Chapter 1- 2 Practice Questions With 100% Correct Answers 2024 Assets - answermoney or property you own Beneficiary - answerin life insurance, a person or entity named in the insured's will who should receive the benefits upon the insured's death Claim - answera w...

Fundamentals Of Insurance - Chapter 1 Practice Questions With 100% Correct Answers 2023 Spread of Risk - answer- "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 Ba...

Fundamentals Of Insurance - Chapter 1 Practice Questions With 100% Correct Answers 2023 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 reve...

Fundamentals Of Insurance - Chapter Practice Questions With 100% Correct Answers 2024 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 s...

Fundamentals Of Insurance - Practice Questions With 100% Correct Answers 2024 Three Main Categories Of Risk - answer1) 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 Obje...