Fundamentals of insurance Study guides, Class notes & Summaries
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Fundamentals of Insurance - Self Exam Q & A (2024) Already Passed!!
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Fundamentals of Insurance - Self Exam Q & A (2024) Already Passed!!
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Fundamentals of Insurance - Practice Exam Q’s & A’s Graded A+
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Fundamentals of Insurance - Practice Exam Q’s & A’s Graded A+
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Fundamentals of Insurance - Self Exam with Complete Solutions
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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 payment for losses that are deliberately caused by an insured. 
Five important points to the definition of insurance: - -Spread of Risk 
-Basis of Credit System 
-Eliminates Worry/Encourages Entrepreneurship 
-Loss Prevention and Loss Reduction 
-Source of Employm...
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Fundamentals Of Insurance (BC) -with 100% verified solutions 2024-2025-tutor verified
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Fundamentals Of Insurance (BC) -with 100% verified solutions -tutor verified
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Fundamentals of Insurance (BC) Questions with 100% Correct Answers | Latest Version 2024 | Verified
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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. Reduce losses through loss prevention and loss reduction. - C. Allow spread of risk. 
When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick 
the exception: 
A. The insured is entitled to 15 days' written notice of termin...
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Fundamentals of Insurance - Practice Exam Questions With Complete Solutions Graded A+
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Fundamentals of Insurance - Practice Exam Questions With Complete Solutions Graded A+
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Fundamentals of Insurance (BC) Questions with 100% Correct Answers | Latest Version 2024 | Verified
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Fundamentals of Insurance (BC) Questions 
with 100% Correct Answers | Latest Version 
2024 | Verified
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Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified
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The major function of insurance is: 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - b. To share the losses of the few among the many 
A peril if best defined as: 
a. The chance of a loss 
b. The occurrence of a loss 
c. The cause of a loss 
d. The result of a loss - c. The cause of a loss 
Indemnify means: 
a. Returning the premium of the insured 
b. Restoring th...
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Ati fundamentals of Insurance exam 100% questions and answers
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Ati fundamentals of Insurance exam 
100% questions and answers 
The coverage limits on Homeowners Insurance Policies are determined after calculating 
the Replacement Cost of the dwelling building. Once this value is determined, the rest 
of the coverage limits are calculated. Which of the following coverage limits is correct? 
a) Personal Property- 100% of Coverage A 
b) Detached Private Structures - 10% of Coverage A 
c) Additional Living Expenses- - 10% of Coverage A 
d) Dwelling- 100% of ...
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Fundamentals of Insurance Exam Prep Questions with 100% Correct Answers | Latest Version 2024 | Verified
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Three Main Categories of Risk - 
1) Personal Risk 
2)Property Risk 
3)Liability Risk 
What are the FIVE elements of a contract? 
A) Agreement, Risk, Loss, Consideration, Legality 
B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention 
C) Agreement, Legal Capacity, Risk, Loss, Consideration. 
D) None of the above - B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine 
Intention 
What is needed for an agreement to exist? - An offer made; AND an unc...
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