Speculative risks - Study guides, Class notes & Summaries
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WebCE Exam Questions with correct Answers
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Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. 
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. 
 
Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. 
Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...
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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 Questions And Answers | 100% Correct Answers | 2024 Updated Quiz
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Florida 2-15 Insurance Questions And Answers | 100% Correct Answers | 2024 Updated Quiz 
 
In the insurance business, risk can best be defined as: 
A. sharing the possibility of a loss 
B. uncertainty regarding the future 
C. uncertainty regarding financial loss 
D. uncertainty regarding when death will occur C. The concept of insurance developed from the need to 
minimize the adverse effects of risk associated with the probability of financial loss. 
Which of the following risks is insurable? 
...
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AIDA 182 Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified
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Risk quadrants are different from risk classifications. Risk quadrants focus on what? - The source of 
the risk itself and what part of the organization has managed it in the past. 
An enterprise risk management approach is categorizing risks into quadrants. What are hazard risks? - 
Normally managed by risk management professionals. 
What are the four risks in the enterprise risk management model? - Hazard, operational, financial, 
and hazard. 
What risk quadrant is the change of stocks or bond...
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CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM 100%
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CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM 100% 
Admitted Insurance Company vs. Non-Admitted Insurance Company - ANS---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...
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Florida 2-15 Insurance License Questions And Answers With Verified Study Solutions
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Florida 2-15 Insurance License Questions And Answers With Verified Study Solutions 
Risk that involves chance of both loss and gain; not insurable Speculative Risk 
Risk that involves the chance of loss only, there is no opportunity for gain; insurable Pure Risk 
Basic principle of insurance that the larger the number of individual risks combined into a group, the more 
certainty there is in predicting the amount of loss that will be incurred in any given period. Law of Large 
Numbers
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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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CPCU 500 - Foundations of Risk Management and Insurance Latest 2024 Graded A+
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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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LOMA 281: Meeting Customer Needs with Insurance Annuities Questions with 100% Correct Answers | Verified
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Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes 
the following statements. Are they all true? (Select all that apply.) 
a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. 
b. both pure risks and speculative risks are insurable. 
c. most life insurance policies are valued contracts, which state at the time of policy issue the time 
amount of the benefit payable when the insured person dies...
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Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers
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Ohio Health and life insurance exam 
Exam Questions and Answers (2024 / 
2025) (Verified Answers) 
Insurance - CORRECT ANSWER A contract that indemnifies 
another against loss, damage, or liability 
Indemnify - CORRECT ANSWER To make one whole by 
restoring them to the same financial position that existed 
before the loss 
Pure risk - CORRECT ANSWER There is only a chance of 
loss and there is no possibility for gain (insurable) 
Speculative risk - CORRECT ANSWER Uncertainty of loss or 
g...
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