Florida Insurance Exam Terms Question and answer already passed 2023

Florida Insurance Exam Terms Question and answer already passed 2023Life 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 income during disability Annuities Provide a stream of income by making a series of payments to the annuitant for the annuitant's lifetime or for a specifically designated period of time. Risk Uncertainty regarding loss; the probability of loss occurring for an insured or prospect Speculative Risks Involve the possibility of loss and gain. (Not Insurable) Pure Risks Involve the possibility of loss only. (Insurable) Peril Cause of risk (when a building burns, fire is the peril) Hazards The source of danger Physical Hazard A hazard being of physical nature. A person being treated of cancer, the disease is the physical endangerment. (Blindness & deafness) Risk Avoidance Occurs when individuals evade risk entirely. "If you don't drive, then you avoid getting in an auto accident."