Fundamentals of Insurance Bundled Exams Questions and Answers with Complete Solutions

Fundamentals of Insurance (BC) Questions and Answers Already Passed Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Redu...

Fundamentals to Insurance Questions and Answers Already Passed Chapter 1 - Intro List the 5 functions of insurance: 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity D...

Chapter 1 - Fundamentals of Insurance 100% Solved Spread of Risk - "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot provides for payment for the losses of those who have claims Basis of Credit System Consumer access to insurance f...

Fundamentals of Insurance BC Questions and Answers 100% Solved What is the major function of insurance? to allow the spread of risk What are the five important functions of insurance? 1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an...

Fundamentals of Insurance FINAL (2022/2023) Already Passed Chapter 1 Introduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. the major function of insurance is to share the losses of the few among the many What are ...

Fundamentals of Insurance Chapter 3 Questions and Answers 100% Correct What is the role of the federal Government when insurers receive federal licensing? Licensing provided only to companies that can meet strict financial standards. Established by the office of the Superintendent of Financial Inst...

Fundamentals of Insurance - Chapter 1 Already Graded A Insurance the undertaking by one person to indemnify another person against loss or liability for loss in respect of certain risk or peril to which the object of insurance may be exposed.. or to pay a sum of money or other thing of value upon t...

Fundamentals of Insurance - Self Exam Q & A (2022/2023) Rated A+ Main purpose of Insurance Allow the spread of risk Definition of Insurance -Payment's made only when a certain peril has damaged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no paymen...