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Exam (elaborations)
Property and Casualty Insurance Test Questions and Answers Already Passed
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What is a peril? A Peril is a cause of loss What is a hazard? Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? A Peril What are the elements of an insurable risk? CANHAM Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable If an insurance company is housed in Tennessee, what type of insurer are they considered? Domestic
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