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

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...

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...

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 admission Pure Risk vs. Speculative Risk - Pure risks are insurable but Speculative risks a...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 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 Cali...

Risk - Answer-Chance of a loss Which type of risk is insured and why? - Answer-Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Answer-REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk - Answer-C) Doing nothing / avoiding the risk Insurer - Answer-Insurance...

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...

CA PSI SITE - LIFE, ACCIDENT AND HEALTH AGENT EXAMINATION (LIFE AGENT) 2024 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED 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 becau...

Chapter 1: Property vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party. Casualty insurance means that the policy includes liability (accountability or responsibility) coverages to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage another persons belongings. Prope...

Texas Property & Casualty License Exam Questions And Answers Property vs Casualty: What is considered property? - ANS Structure & Personal Property Property vs Casualty: What is considered casualty? - ANS Non-property losses. Legal liability to others. 3rd Party Risk - ANS uncertainty of financial loss Pure Risk - ANS Chance of Loss Speculative Risk - ANS Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) - ANS Pure Risk Only How do...