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MISSISSIPPI INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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MISSISSIPPI INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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MISSISSIPPI INSURANCE EXAM 2024/2025 WITH 100% ACCURATESOLUTIONS
,MISSISSIPPI INSURANCE EXAM 2024/2025 WITH 100% ACCURATE
SOLUTIONS
hance or uncertainty of loss - Precise Answer ✔✔risk
another term that means almost the same thing as risk is ______________ - Precise Answer
✔✔exposure
people have developed several different methods for managing risks for serious financial losses. One
method is simply to _________________. For example you can ___________ the risk of being in an auto
collision by never getting into a car. - Precise Answer ✔✔avoid risk, avoid
is isn't practical to avoid all risks. fortunately you can also ___________ risk to some extent. For example
, training workers in the safe use of welding tools can curtail the frequency of fires on the job. - Precise
Answer ✔✔control
risks control techniques that curtail the loss frequency come under the heading of ____________
____________ ex. installing a sprinkler system in a factory won't prevent a fire from occurring but will
limit the severity of the fire from occurring. Risks control techniques that limit the loss severity come
under the heading of __________ ______________ - Precise Answer ✔✔loss prevention, risk reduction
in some cases people simply ________ _________. that is, if any loss occurs they will pay for it
themselves. - Precise Answer ✔✔retain risk
a hold harmless agreement may shift liability from an owner or contractor to a tenant or subcontractor.
what kind of risks is this - Precise Answer ✔✔transfer risks
a contract or device for transferring risk from a person, business, or organization to an insurance
company that agrees, in exchange for premium to pay for the losses through an accumulation of
premiums. - Precise Answer ✔✔insurance
predicts the likelihood of a loss - Precise Answer ✔✔actuary
, insurance can only be used to manage ___________ ____________ which involve the only possibility of
loss not gain. - Precise Answer ✔✔pure risks
you need insurable interests in Property and Casualty at ________________________. - Precise Answer
✔✔the time of the claim
the risk of a loss must be ______________ as to time and place and difficult to counterfeit or falsify.
_________ is the best example for a definite loss. - Precise Answer ✔✔definite, death
the risk must be __________________. The risk of a train wreck could be insured whereas the risk that
your suitcase will eventually wear out is not really a risk at all therefore it is not insurable. - Precise
Answer ✔✔unexpected
the risk must be large enough to create a _________________ for the individual involved. A financially
insignificant risk such as losing a pair of inexpensive sunglasses is not insurable. - Precise Answer
✔✔financial hardship
the loss must be _________________. Risks that involve loss that can't be assigned a financial value are
uninsurable. - Precise Answer ✔✔calculable
the cost of insurance must be ___________________ to be insured. If the risk is so severe that it
requires the insurance company to charge high premiums to accumulate enough money to pay for
losses, it is not an insurable risk. - Precise Answer ✔✔affordable
There must be a large number of persons with similar ____________ loss available to that overall losses
become predictable. - Precise Answer ✔✔potential
the loss must not happen to a large number of people who have insurance at the same time. Although
insurance companies do want to insure a large number of persons, if a great number of insureds were to
suffer a loss at the same time it would be _____________________ for the insurance company. - Precise
Answer ✔✔catastrophic
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