2 types of risk 1 pure - Study guides, Class notes & Summaries
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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
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Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
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Utah Insurance Exam Prep Questions and Answers with complete solutions
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Risk - Answer-Chance of loss 
Insurance - Answer-A contract in which one party agrees to indemnify the insured party against loss, 
damage or liability arising from an unknown event. 
Pure risk - Answer-Chance of loss only 
Speculative - Answer-Chance of loss or gain 
2 types of risk - Answer-Pure & speculative 
Only risk insurance covers? - Answer-Pure 
Exposure - Answer-Unit of measurement. Measures the amount of risk. 
Hazard - Answer-Condition that INCREASES the chance of loss. 
Types of haz...
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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
- Exam (elaborations) • 21 pages • 2024
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Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
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Life Insurance Exam: Unit 1 General Insurance with correct answers 2024/2025
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Life Insurance Exam: Unit 1 General InsuranceInsurance - correct answer -legal contract that transfers risk of financial loss from an individual or business to an insurer 
-insurer agrees to cover for certain losses 
 
risk - correct answer -uncertainty about whether a loss will occur 
-if loss certain to occur, it doesn't involve risk 
-insurance only covers losses that involve risk (death timing= uncertain) 
 
2 types of risk - correct answer speculative & pure 
 
speculative risk - correct a...
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RMIN 4000 uga test 1 latest update graded A+
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RMIN 4000 uga test 1 latest update 
 
graded A+ 
 
types of risk -pure risk 
-speculative risk 
-diversifiable risk 
-nondiversifiable risk 
 
-enterprise risk 
-systemic risk 
 
risk uncertainty concerning the occurrence of a loss 
 
uncertainty probabilities cannot be estimated 
 
loss exposure any situation or circumstance in which a loss is possible, regardless of whether 
a loss actually occurs 
example: earthquake or flood causing damage to a manufacturing plant 
 
objective risk (degree o...
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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
- Exam (elaborations) • 21 pages • 2024
-
- $12.99
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Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
-
Texas Property and Casualty Insurance Exam Questions with 100% Correct Answers
- Exam (elaborations) • 10 pages • 2024
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Texas Property and Casualty Insurance Exam Questions with 100% Correct Answers 
Insurance 
The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals 
 
 
Law of Large Numbers 
The larger the number of people with a similar exposure to loss, the more predictable actual losses will be 
 
 
Law of Large Numbers Example 
When issuing a policy on a 35 year old male, the insurance co...
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C11 - Principles & Practice Questions with Verified Answers
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C11 - Principles & Practice Questions 
 
with Verified Answers 
 
What are the 3 general types of risk? People are risk! Personal, Property, Liability 
 
What does "insurance" mean? When something gets crumpled, Indemnify! Indemnification, 
Risk, Money, Perils, Loss, Exposure 
 
How does insurance provide security? It WIIPs risks ***********! Worries, Inconvenience, 
Indemnification, Premiums 
 
What do risk managers do? They eat kIMChi! Identify, Measure, Control 
 
How does the insurance ind...
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CPCE Study Guide 1945 Questions with Answers 2023,100% CORRECT
- Exam (elaborations) • 223 pages • 2023
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CPCE Study Guide 1945 Questions with Answers 2023 
 
 
The Sensorimotor period is part of whose developmental stage theory? - CORRECT ANSWER Piaget 
 
Presenting stimuli in different sequences to reduce "order of presentation" influences in an experiment is called: - CORRECT ANSWER Counterbalancing 
 
The Eskimo word "piblokto" refers to "arctic hysteria," characterized by uncontrolled screaming and crying that is often accopanied by running through the snow naked. This is an example of wh...
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Exam Fx (PROPERTY & CASUALTY) questions with correct answers
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Law of Large Numbers CORRECT ANSWER The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. 
 
Insurance CORRECT ANSWER Transfers the risk of loss from an individual or business entity to an insurance company 
 
The three elements of insurable risk are CORRECT ANSWER 1) Financial 2) Blood (relative) 3) Business 
 
Risk CORRECT ANSWER The uncertainty or chance of a loss occurring 
 
Types of risks are CORRECT ANSWER 1) Pure risk 2) Speculative ...
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