WebCE Property & Casualty Prep Exam Questions and Answers 2023
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Course
WebCE
Institution
WebCE
WebCE Property & Casualty Prep Exam Questions and Answers 2023
Risk
Chance of loss
5 Risk or Loss Factors
1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard
Insurance allows:
Individual or group to transfer over to insurance company the risk of financial loss from a destructive event
...
WebCE Property & Casualty Prep Exam Questions and Answers 2023
Risk - answer Chance of loss
5 Risk or Loss Factors - answer 1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard
Insurance allows: - answer Individual or group to transfer over to insurance company
the risk of financial loss from a destructive event
Fundamental purpose of insurance is: - answer To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before
Insurance companies may used term risks to refer to insured: - answer 1. Person 2. Property 3. Activity
Loss - answer Unplanned or unwelcome reduction in economic value
What is Direct and Indirect loss - answer 1. Direct loss - immediate result of and event caused by a covered peril 2. Indirect loss - remote result of an event caused by covered peril
Exposure - answer State of being subject to a possible loss
Insurer measures exposure by - answer Units to the person, property or event (more exposure units, the greater the premium)
Exposure is also referred to as: - answer Total risk an insurer faces with insured
Peril - answer The destructive event that insurance guards against
6 types of peril - answer 1. Fire 2. Explosion 3. Windstorm 4. Flood 5.Theft 6. Collision
Insurance policy provides - answer Financial protection against losses caused by specified peril
Havard - answer Is condition that increases the likely occurrence of a peril or severity
of a loss
Name the 3 types of hazards - answer 1. Moral 2. Morale 3. Physical
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