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Property and Casualty insurance exam 2024/2025 already graded A+ $12.99   Add to cart

Exam (elaborations)

Property and Casualty insurance exam 2024/2025 already graded A+

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  • Course
  • Pearson VUE: Casualty Insurance Practice
  • Institution
  • Pearson VUE: Casualty Insurance Practice

Property and Casualty insurance exam 2024/2025 already graded A+

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  • January 2, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • moral h
  • Pearson VUE: Casualty Insurance Practice
  • Pearson VUE: Casualty Insurance Practice
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Ashley96
Property and Casualty insurance exam

Insurance - ANSThe transfer of risk through a legal contract

Property - ANSCovers real property and personal property against damage or loss resulting
from covered causes of loss called perils

casualty - ANScovers non-property losses (3rd Party)

Personal lines - ANSInsurance for families and individuals

Commercial Lines - ANSInsurance for Business

Risk - ANSUncertainty of financial loss

Pure Risk - ANSChance of loss only (insurance only covers)

Speculative Risk - ANSChance of loss or gain

law of large numbers - ANSas the number of homogenous loss exposures increases, the more
accurate claims can be predicted from the group

Perils - ANScauses a loss

Named Peril - ANSlists the perils that are covered

open peril - ANScover all perils except those specifically excluded by the policy

hazard - ANSAre not causes of loss but are things that increase the chance of a peril
happening.

Physical Hazard - ANSsomething you can physically look at

Moral Hazard - ANSdishonest tendencies

morale hazard - ANSattitude of carelessness

Direct Loss - ANSimmediate physical damage to property

indirect loss - ANSloss that happens after the direct loss but due to the loss of use of the
property. Also called consequential

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