Exam (elaborations)
Indiana Life and Health Insurance Exam with 100% Verified Questions and Answers.
Course
Indiana life insurance
Institution
Indiana Life Insurance
Indiana Life and Health Insurance Exam with 100- Verified Questions and Answers.
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August 13, 2024
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Institution
Indiana life insurance
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Indiana life insurance
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Indiana Life and Health Insurance Exam with
100% Verified Questions and Answers
Insurance .- .(correct .answer) .-
A .contract .that .transfers .the .risk .of .financial .loss .from .an .individual .or .business .to .an .insurer
Risk .- .(correct .answer) .-Uncertainty .about .whether .a .loss .will .occur
Speculative .Risk .- .(correct .answer) .-Possibility .of .a .loss .or .gain. .Not .insured.
Pure .Risk .- .(correct .answer) .-Possibility .of .experiencing .loss. .Covered .by .insurance.
Loss .- .(correct .answer) .-The .reduction .in .the .value .of .an .asset
Exposure .- .(correct .answer) .-
Risk .assumed .by .an .insurer .and .the .amount .that .the .insurer .is .responsible .to .pay .out .at .any .given .
time. .Expressed .in .units
Peril .- .(correct .answer) .-Cause .of .loss
Hazard .- .(correct .answer) .-Anything .that .increases .the .chance .that .loss .will .occur
Physical .Hazard .- .(correct .answer) .-A .physically .identifiable .hazard
Moral .Hazard .- .(correct .answer) .-Hazard .that .arises .from .someone's .character
Morale .Hazard .- .(correct .answer) .-Hazard .that .arise .from .a .state .of .mind .or .careless .attitude
Acronym .of .Methods .for .Handling .Risk .- .(correct .answer) .-STARR
S .in .STARR .- .(correct .answer) .-
Risk .Sharing .- .Two .or .more .individuals .agree .to .pay .a .portion .of .loss .occurred .by .someone .in .the .gr
oup
T .in .STARR .- .(correct .answer) .-
Transfer .of .Risk .- .What .happens .with .insurance. .Insurer .agrees .to .pay .if .individual .or .business .has .a
.loss
, A .in .STARR .- .(correct .answer) .-
Risk .Avoidance .- .Eliminating .a .particular .risk .by .not .engaging .in .a .certain .activity
1st .R .in .STARR .- .(correct .answer) .-
Risk .Reduction .- .Lessening .the .chance .that .loss .will .occur, .or .lessening .the .extent .of .a .loss .that .doe
s .occur
2nd .R .in .STARR .- .(correct .answer) .-Risk .Retention .- .The .individual .pays .for .the .loss
Law .of .Large .Numbers .- .(correct .answer) .-
The .larger .the .group .- .the .more .accurate .losses .can .be .predicted
Acronym .for .Risks .that .can .be .Insured .- .(correct .answer) .-CANHAM
C .in .CANHAM .- .(correct .answer) .-
Calculable .- .Premiums .must .be .calculable .based .upon .prior .loss .statistics .for .that .particular .risk
1st .A .in .CANHAM .- .(correct .answer) .-
Affordable .- .The .premium .for .transferring .risk .should .be .affordable .to .the .average .consumer
N .in .CANHAM .- .(correct .answer) .-Non-
catastrophic .- .Insurance .cannot .cover .events .that .cause .widespread .losses .to .large .numbers .of .insur
eds .at .the .same .time
H .in .CANHAM .- .(correct .answer) .-
Homogeneous .- .The .individual .risks .that .an .insurer .covers .must .be .similar, .homogeneous, .in .regard .
to .factors .that .affect .the .chance .of .loss
2nd .A .in .CANHAM .- .(correct .answer) .-Accidental .- .Insurance .must .involve .risk
M .in .CANHAM .- .(correct .answer) .-
Measurable .- .It .must .be .possible .to .estimate .loss .as .a .dollar .amount
Adverse .Selection .- .(correct .answer) .-Tendency .for .higher-
risk .individuals .to .get .and .keep .insurance .more .than .individuals .who .represent .an .average .level .of .r
isk
Underwriting .- .(correct .answer) .-The .extensive .evaluation .of .information .related .to .a .particular .risk
Reinsurance .- .(correct .answer) .-
An .insurance .company .pays .another .insurance .company .to .take .some .of .the .company's .risk .of .catas
trophic .loss
Ceding .Insurer .- .(correct .answer) .-Company .reducing .its .risk .in .reinsurance
Reinsurer .- .(correct .answer) .-Company .assuming .risk .in .reinsurance