INSR 310 exam 1 Ferguson || with 100% Error-free Answers.
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Course
INSR 310
Institution
INSR 310
what is risk? correct answers any uncertainty regarding financial loss
three risk classifications: correct answers 1- pure vs. speculative
2- static vs. dynamic
3- objective vs. subjective
risk is NOT correct answers probability
pure risk correct answers loss/no loss only
speculative ...
relatively stable economy correct answers - supports planning (insurance is FUTURE oriented)
- greater disincentives for loss
elements of insurable risk from the insurer's perspective correct answers - large number of
homogeneous exposure units to increase predictability
- fortuitous/ unintentional losses only to reduce moral hazard and adverse selection
- definite/measurable losses; quantification vital for indemity
- non-catastrophic occurence
elements of insurable risk from the insured's perspective correct answers - large-loss principle
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