Only pure risks - Study guides, Class notes & Summaries
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CA PSI Site - Life, Accident and Health Agent Examination Questions and Answers Verified
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CA PSI Site - Life, Accident and Health 
Agent Examination Questions and 
Answers 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 
because of failing to comply with California requirem...
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Florida Insurance Health Exam Questions and Answers (100% scores)
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Insurance - Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. 
Life Insurance - Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. 
Health Insurance - Evolved from scientific principles to provide funds for medical expensed due to sickness or injury and to cover loss of incom...
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CPCU 500 - Foundations of Risk Management and Insurance Latest 2024 Graded A+
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CHAPTER 1 ... 
What are the two elements of risk? -Uncertainty of outcome - Time of the outcome and type 
of outcome are uncertain 
-possibility of a negative outcome - at least 1 outcome is negative 
What is the difference between probability and possibility? Possibility - an outcome or event 
may or may not occur. It does not quantify the risk, only verifies the risk is there 
Probability - the likelihood than an outcome will occur, quantifies the risk. It is measurable and 
has value between ...
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LOMA 281(2024 LATEST UPDATE)CORRECT 100%
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What are speculative risks? - ANSWER Risks that involve three outcomes: loss, gain, or no change 
 
What are pure risks? - ANSWER Risks that involve no possibility of gain 
 
What risks are insurable? - ANSWER Only pure risks
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Florida 2-15 Insurance Exam Terms with complete solutions |Latest 2024/2025
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Florida 2-15 Insurance Exam Terms 
with complete solutions. 
Insurance ️ Financial protection against loss or harm - An arrangement 
by which company gives customers financial protection against loss or 
harm such as theft or illness in return for premium payments. 
Life Insurance ️ Is based on actuarial or mathematical principles and 
guarantees a specified sum of money upon the death of the person who is 
insured. 
Health Insurance ️ Evolved from scientific principles to provide funds fo...
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ARM 400: Risk in an Evolving World Exam Prep |Guide with Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update)
- Exam (elaborations) • 43 pages • 2023
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ARM 400,Risk in an Evolving World Exam Prep |Guide with Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update) 
 
 
Q: tolerable uncertainty components 
 
 
Answer: 
reduce downside risk, earnings stability, anticipate and recognize emerging risks, business continuity 
 
 
 
Q: continuity of operations 
 
 
Answer: 
essential goal for all public entities 
 
 
 
Q: holistic risk management goals 
 
 
Answer: 
tolerable uncertainty, profitability and growth, legal and reg...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) 2024
- Exam (elaborations) • 33 pages • 2024
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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...
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NYS Insurance Licensing Exam Latest 2023 Graded A
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NYS Insurance Licensing Exam Latest 2023 Graded A insurance transfers the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals 
agency contract a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer 
agent legal representat...
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CPCU 500 - Foundations of Risk Management and Insurance Latest 2024 Graded A+
- Exam (elaborations) • 22 pages • 2024
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CPCU 500 - Foundations of Risk 
Management and Insurance Latest 2024 
 
Graded A+ 
 
CHAPTER 1 ... 
 
What are the two elements of risk? -Uncertainty of outcome - Time of the outcome and type 
of outcome are uncertain 
-possibility of a negative outcome - at least 1 outcome is negative 
 
What is the difference between probability and possibility? Possibility - an outcome or event 
may or may not occur. It does not quantify the risk, only verifies the risk is there 
Probability - the likelihood ...
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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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