PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE
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Course
PROPERTY AND CASUALTY INSURANCE
Institution
PROPERTY AND CASUALTY INSURANCE
Insurance
-:- Transferring risk or loss to an insurance company
Law of Large Numbers
-:- Sharing risk between a large pool of people
Statistical Prediction
-:- Using past losses to predict future losses
Insurable Interest
-:- Policy owner must have a financial interest in the insured pro...
✓ -:- Circumstances that can only result in no change or a loss
Speculative Risk
✓ -:- Includes the opportunity for either gain or loss
Perils
✓ -:- Causes of loss that insurance providers cover
Loss Exposure
✓ -:- The potential for loss faced by an individual or entity
Premiums
✓ -:- Payments made to insurance companies for coverage
Homogenous Group
✓ -:- A group of people with similar characteristics or loss exposure
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