Speculative vs pure risk - Study guides, Class notes & Summaries

South Dakota Crop Insurance Exam with Certified Solutions Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss th...

2024 CA PSI SITE LIFE, ACCIDENT AND HEALTH AGENT EXAM WITH CORRECT ANSWERS Admitted Insurance Company vs. Non-Admitted Insurance Company - >>>An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admissio...

Admitted Insurance Company vs. Non-Admitted Insurance Company - CORRECT ANSWER An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - CORRECT ANSWER Pure r...

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 risk correct answers loss/no loss/ gain static risk correct answers unchanging over time dynamic risk correct answers changing (especially w/ technology) objective risk correct answers statist...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) 2024 Admitted Insurance Company vs. Non-Admitted Insurance Company -Answer-An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission...

Texas Property & Casualty License Exam 2024 Questions with 100% Correct Answers Property vs Casualty: What is considered property? Structure & Personal Property Property vs Casualty: What is considered casualty? Non-property losses. Legal liability to others. 3rd Party Risk uncertainty of financial loss Pure Risk Chance of Loss Speculative Risk Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) Pure Risk Only How does the law of large num...

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) Exam with Correct Solutions 2024 Admitted Insurance Company vs. Non-Admitted Insurance Company - Answer -An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California require...

Property vs Casualty: What is considered property? CORRECT ANSWER Structure & Personal Property Property vs Casualty: What is considered casualty? CORRECT ANSWER Non-property losses. Legal liability to others. 3rd Party Risk CORRECT ANSWER uncertainty of financial loss Pure Risk CORRECT ANSWER Chance of Loss Speculative Risk CORRECT ANSWER Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) CORRECT ANSWER Pure Risk Only How does the law of large numbers apply...