Insurance webce with Correct Solutions 2024

Insurance webce with Correct Solutions 2024 risk - Answer -Chance of loss Pure risk - Answer -If it's pure you can insure Speculative riak - Answer -Loss or gain peril - Answer -The cause of loss Life insurance peril - Answer -Death Health insurance peril - Answer -Illness, accidental injury, disability hazard - Answer -Increases chance of peril Risk Transfer - Answer -shifting risk to another party Underwriting - Answer -Assessing an applicant Law of Large Numbers - Answer -Mathematical principle of probability Moral Hazard - Answer -Tendencies that increase risk Morale Hazard - Answer -Attitude or state of mind Physical Hazard - Answer -Characteristics that increase risk Risk Avoidance - Answer -Strategy to deal with risk Risk Reduction - Answer -Reduce exposure to risk Risk Retention - Answer -Choosing to use existing assets to pay for loss Deductibles - Answer -A stated sun of money that the insured must pay risk sharing - Answer -Allocating ownership of a part of the risk to another party Risk Transfer - Answer -Transferring risk to a third party insurable risk - Answer -If he or she meets certain criteria mortality - Answer -Death