Peril and hazard Study guides, Class notes & Summaries
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FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES)
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FLORIDA INSURANCE 2-14 EXAM 
TERMS QUESTIONS AND ANSWERS 
(100% SCORES) 
Insurance - CORRECT ANSWER-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 - CORRECT ANSWER-Is based on actuarial or mathematical principles 
and guarantees a specified sum of money upon the death of the person who is insured. 
Annuities - CORRECT ANSWER-Provid...
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CA Adjusters State Licensing Test (2024) || All Questions & Answers (Graded A+)
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CA Adjusters State Licensing Test (2024) || All Questions & Answers (Graded A+) 
CA Adjusters State Licensing Test (2024) || All Questions & Answers (Graded A+) 
 
Which of the following is not a duty of an insurer in case of a loss? 
 
Conduct a thorough investigation 
Establish claim procedures and methods of documentation 
Acknowledge receipt of a claim in a timely fashion 
Separate the damaged property from the undamaged property and protect the property from further loss - ANSWER - The c...
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CPCU 500: Becoming a Leader in Risk Management and Insurance Exam Prep | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update)
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CPCU 500,Becoming a Leader in Risk Management and Insurance Exam Prep | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update) 
 
Q: Loss Exposure 
 
 
Answer: 
Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs 
 
3 Elements of a Loss Exposure: 
-An asset exposed to loss 
-Cause of loss (peril) 
-Financial consequences of that loss 
 
 
 
Q: Types of Loss Exposures 
 
 
Answer: 
Property Loss 
Liability Loss 
Personnel Loss 
Net...
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CFP 512 UPDATED Exam Questions and CORRECT Answers
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CFP 512 UPDATED Exam Questions and 
CORRECT Answers 
Difference between risk, peril and hazard - Ans A risk represente the possibly of a loss or a 
negative deviation from a desires outcome. A peril is the cause of that loss, while a hazard 
increases the potential for loss. 
Static Risk - Ans Results from factors other than changes in the economy (earthquake, floods, 
etc). They tend to occur with regularity and can be insured.
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NC Health Insurance Exam Pearson Vue Exam And Correct Answers 2024.
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Pure Risk - Answer chance of loss or no loss but not gain insurable 
 
Speculative Risk - Answer there is possibility of loss but of gain no insurablility 
 
exposure unit - Answer subject to loss 
 
peril - Answer cause of loss 
 
life insurance - Answer death 
 
Health insurance - Answer accident and sickness 
 
hazard - Answer increases the likelihood or severity of loss 
 
Three types of hazard - Answer physical, moral, morale 
 
physical hazard - Answer arise from the inhe...
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KY Property & Casualty Insurance Exam 2024 with 100% correct answers
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Faulty wiring in a home is an example of a: 
a) loss 
b) peril 
c) risk 
d) hazard - correct answer Hazard 
 
When a person buys insurance what method of handling risk has been undertaken? 
a) transfer 
b) reduction 
c) avoidance 
d) retention - correct answer Transfer 
 
In property and casualty insurance, insurable interest must exist: 
a) at the time a change is made to a policy 
b) at the time of policy application 
c) at the time of loss 
d) at the time of policy solicitation - correct...
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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review| 332 Questions| 41 Pages
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Peril Correct Answer: Something that causes a loss. 
 
Hazard Correct Answer: Something that increases the probability that a loss will occur. 
 
Warranty Correct Answer: A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. 
 
Misrepresentation Correct Answer: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 
 
Concealment Correct Answer: Th...
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FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+)
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FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) 
FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) 
 
PROTECT & ENHANCE the assets of an organization - ANSWER - What is the primary jobs/functions of the chief risk manager? 
 
peril - ANSWER - a cause of loss 
 
insurance - ANSWER - a mechanism of risk transfer 
 
hazard - ANSWER - anything that increases the probability of or severity of a loss 
 
physical hazard - ANSWER - a literal obstac...
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FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES)
- Exam (elaborations) • 33 pages • 2023
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FLORIDA INSURANCE 2-14 EXAM 
TERMS QUESTIONS AND ANSWERS 
(100% SCORES) 
Insurance - CORRECT ANSWER-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 - CORRECT ANSWER-Is based on actuarial or mathematical principles 
and guarantees a specified sum of money upon the death of the person who is insured. 
Annuities - CORRECT ANSWER-Provid...
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RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified
- Exam (elaborations) • 11 pages • 2024
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RMIN 4000 Test 1 Brown UGA 
Questions and Answers 100% Verified 
Exposures things of value (assets) that could be lost 
Perils things that cause injury or loss 
risk a calculated possibility of a negative outcome 
Frequency the number of losses (such as fire or theft) that occur within a specified time 
period. aka the probability of a loss 
Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much 
does it cost when the loss does occur? 
Hazard a conditio...
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