Primerica Insurance Exam: General Insurance (Latest); Questions and Answers
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Course
Primerica Insurance
Institution
Primerica Insurance
Primerica Insurance Exam: General
Insurance (Latest); Questions and Answers
Insurance A contract in which one party agrees to indemnify the insured
party against loss,
damage or liability from an unknown event.
Insurance transfers The reduction, decrease, or disappearance of value of
the p...
Primerica Insurance Exam: General
Insurance (Latest); Questions and Answers
Insurance ✔✔A contract in which one party agrees to indemnify the insured
party against loss,
damage or liability from an unknown event.
Insurance transfers ✔✔The reduction, decrease, or disappearance of value of
the person or
property insured in a policy, caused by a named peril.
Risk ✔✔The uncertainty or chance of a loss occurring.
Pure risk ✔✔Situations that can only result in a loss or no change
Speculative risk ✔✔The opportunity for either loss loss or gain.
Hazards ✔✔Conditions or situations that increase the probability of an insured
loss occurring.
Physical hazards ✔✔Individual characteristics that increase the chances of the
cause of loss.
Moral hazards ✔✔Tendencies towards increased risk.
, Primerica Insurance Exam: General
Insurance (Latest); Questions and Answers
Morale hazards ✔✔Arises from a state of mind that causes indifference to loss,
such as
carlessness
Perils ✔✔The causes of loss against in an insurance policy
Exposure ✔✔The unit of measure used to determine rates charged for insurance
coverage.
Factors: The age of the insured, insured medical history, occupation, and sex
Avoidance ✔✔Eliminating exposure to a loss.
Retention ✔✔The planned assumption of risk by an insured through the use of
deductibles, co-
payments, or self-insurance.
Purpose: To reduce expenses and improve cash flow, to increase control of claim
reserving and
claims settlement, to fund for losses that cannot be insured.
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