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Exam (elaborations)
Primerica Life Insurance Questions and Answers 100% Pass
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Risk uncertainty of a financial loss; 2 types Two typed of risks Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? You get to transfer financial risk left after passing to insurance company Law of large numbers the larger the size of the group the more accurately the experience aka predicted losses of that group can be predicted Policyowner person who owns policy, pays premiums, and chooses the beneficiary Insured the life of the person the policy covers (could be policyowner) Insurer the insurance company which issues the policy and pays the death benefit to the beneficiary upon the death of the insured Beneficiary the person who receives death proceeds
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