Exam (elaborations)
IF1 Chapter 1 questions with 100% correct answers
- Course
- Institution
IF1 Chapter 1 questions with 100% correct answers
[Show more]
Content preview
IF1 Chapter 1 questions with 100%correct answers
Definition of insurance? - correct answer ✔✔Risk transfer mechanism, insured transfers risk to the
insurer for the cost of a premium.
Name the three stages in the risk management process? - correct answer ✔✔Risk identification, risk
analysis and risk control.
What 3 things feature in Risk control? - correct answer ✔✔Physical control measures, financial control
measures and developing good risk culture.
What four things does a risk have to be to be insurable? - correct answer ✔✔Fortuitous, have a financial
interest, have homogenous exposure and abide to public law.
What is pure risk? - correct answer ✔✔Possibility of loss but no gain.
What is speculative risk and why is it uninsurable? - correct answer ✔✔Idea of making a gain - as
insurance you cannot gain more than what you started with.
What is particular risk? - correct answer ✔✔Localised and personal in their cause and effect
What is fundamental risk and is it insurable? - correct answer ✔✔Social, economic, natural and political
risk - No
What is a peril? - correct answer ✔✔The cause of the loss.
What is a hazard? - correct answer ✔✔Something that influences the operation of a peril.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now