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XCEL Chapter 2 Questions and Answers Latest Updated
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Exam of 1 pages for the course Xcel solution at Xcel solution (XCEL Chapter 2)
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XCEL Chapter 2Which of the following refers to a condition that may increase the chance of a loss? -
answer Hazard
Which of the following is a circumstance in which there is a possibility of both a loss or a
gain? - answer Speculative risk
A situation in which there is ONLY a chance of loss or no loss is a - answer pure risk
Restoring an insured to the same condition as before a loss is known as - answer
Principle of indemnity
Moral hazard is described as the - answer increased chance of a loss because of an
insured's dishonest tendencies
Which of the following describes the statement "The more times an event is repeated,
the more predictable the outcome becomes"? - answer Law of large numbers
Which type of risk is gambling? - answer Speculative risk
Which of the following is NOT considered a definition of risk? - answer The cause of a
loss
Which of the following is NOT an element of an insurable risk? - answer Loss must be
catastrophic
Which of the following would NOT be accomplished with the purchase of an insurance
policy? - answer Risk is eliminated
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