Pooling of risks - Study guides, Class notes & Summaries
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Kentucky State Licensing- Insurance fully solved graded A+ 2024
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Kentucky State Licensing- InsuranceThe three most important principles of insurance are: - correct answer Risk pooling, 
The law of large numbers, and 
Insurable interest. 
 
Risk pooling - correct answer spreads risk by sharing the possibility of loss over a large number of people. It transfers risk from an individual to a group. 
 
Law of large numbers - correct answer estimate how many losses will occur in a certain group of people over a certain period of time. 
 
Actuaries - correct answe...
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WebCE Property & Casualty Prep Exam Questions and Answers 2023
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WebCE Property & Casualty Prep Exam Questions and Answers 2023 
Risk 
Chance of loss 
 
 
 
5 Risk or Loss Factors 
1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard 
 
 
 
Insurance allows: 
Individual or group to transfer over to insurance company the risk of financial loss from a destructive event 
 
 
 
Fundamental purpose of insurance is: 
To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before 
 
 
 
Insurance companies may ...
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Kentucky State Licensing- Insurance with verified solutions 2024
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Kentucky State Licensing- InsuranceThe three most important principles of insurance are: - correct answer Risk pooling, 
The law of large numbers, and 
Insurable interest. 
 
Risk pooling - correct answer spreads risk by sharing the possibility of loss over a large number of people. It transfers risk from an individual to a group. 
 
Law of large numbers - correct answer estimate how many losses will occur in a certain group of people over a certain period of time. 
 
Actuaries - correct answe...
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MHA 707 Exam 3 Questions And Answers
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MHA 707 Exam 3 Questions And Answers 
 
 
 
 
moral hazard 
 
behaving differently when you know someone else 
is taking the risk (Induced demand) 
 
 
adverse selection 
 
the sicker people likely want more insurance (the 
healthier, less) 
 
 
pooling of risk 
 
sharing risk proportionately among many is a basic insurance 
concept 
 
 
Non marketability of risks 
 
inherent in medicine and medical practice 
 
Health insurance 
 
 
 
Asymmetries of information Healthcare 
 
Physician vs. patie...
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MHA 707 Exam 3 Combined Set Test Questions And Revised Correct Answers
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MHA 707 Exam 3 Combined Set 
Test Questions And Revised 
Correct Answers 
Moral hazard 
behaving differently when you know someone else 
is taking the risk (Induced demand) 
Adverse selection 
the sicker people likely want more insurance (the 
healthier, less) 
Pooling of risk 
sharing risk proportionately among many is a basic 
insurance 
concept 
Non marketability of risks 
inherent in medicine and medical practice 
Health insurance 
Asymmetries of information Healthcare 
Physician vs. pati...
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WGU D077 EXAM Study Guide Qestions & Answers Latest Updated
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What uncontrollable marketing element provides user input as to how the company delivers upon its value proposition? 
 
Quality control inspections 
Product delivery schedule 
Competitive elements 
Consumer feedback - Answer Consumer feedback 
 
Which controllable marketing function should a company use to achieve its firm-level goals and to satisfy the target customers' needs and wants? 
 
Sales 
Promotion 
Production 
Product - Answer Product 
 
Which controllable element is included in the m...
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Life Insurance Exam-Illinois Questions and Answers (2023 / 2024) (Verified Answers)
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Life Insurance Exam-Illinois Questions and Answers (2023 / 2024) (Verified Answers) 
Pooling of Risks 
A large group of people contribute money to a fund out of which their losses can be paid 
 
 
Policyowner 
is the person or org that applies for the policy and pays the premium 
 
 
Actuarial Tables 
Are statistical tables that are used when calculating premium rates and mortality loss reserves 
 
 
Life Insurance Policies transfer: 
financial risks of premature death on a defined amount 
 
 
L...
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Wisconsin Insurance Exam Latest Update Graded A+
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Wisconsin Insurance Exam Latest 
 
Update Graded A+ 
 
Risk Not Knowing what will happen in the future and the possibility the outcome will be 
negative 
 
Defined As: 
 
Chance of Loss 
Possibility of Loss 
Uncertainty of Loss 
 
Types of Loss 1. Financial 
-Loss of house to loss of life 
2. Non-Financial 
 
-Loss of Friendship 
 
Speculative Risk I win or I lose 
 
Pure Risk I lose or I do not lose 
 
Peril The actual cause of a loss 
 
Natural, Human, Economical, etc 
 
Hazard Situations or f...
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Insurance level 1 Alberta exam Questions with Verified Solutions
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Insurance level 1 Alberta exam 
Questions with Verified Solutions 
 
The philosophy behind insurance is to 
a) provide a vehicle through which wealthy individuals and corporations may protect their 
property against catastrophic loss 
b)allow insurers to grow larger and more stable, thus creating jobs and supporting the economy 
c) spread the losses of the few amongst the premiums of the many 
d) spread the losses of the many amongst the premiums of the few spread the losses of the 
few amongst ...
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Florida 2-40 health license chapters review already passed
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Loss Sharing The spreading or pooling of risks over a large group of individuals 
Risk pooling Same as loss sharing 
Law of large numbers Science of probability and experience of mortality (death) & 
morbidity (sickness). The larger and more homogenous the group the more certain the 
predictions 
Risk Is defined as uncertainty regarding loss 
Speculative risk The chance of both loss and gain 
Pure risk Involve only the chance of loss. Only Pure risk is insurable 
Peril Is an immediate specific e...
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