Idaho Insurance Licensing Property and Casualty Exam Study Guide with Complete Solutions 100% Verified 2024

Idaho Insurance Licensing Property and Casualty Exam Study Guide with Complete Solutions 100% Verified 2024 Insurance - Correct Answer Is a contract win which one party agrees to indemnify the insured party against loss,damage, or liabilty. Insurance Transfers - Correct Answer The risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals. Insurance Transaction - Correct Answer Includes solicitation, negotiations, sale, and advising etc Risk - Correct Answer the uncertainty or chance of loss Pure risk - Correct Answer Refers to situations that can only result in a loss or no change. Always accepting in companies. Speculative Risk - Correct Answer involves the opportunity for either loss or gain. Not Insurable. Hazard - Correct Answer are conditions or situations that increase the probability of an insured loss occurring. Physical Hazard - Correct Answer Are individual characteristics that increase the chances of the cause of loss. Exist because of physical conditions like medical history, birth conditions, or blindness Moral Hazard - Correct Answer Tendencies towards increased risks based on character and reputation. Refers to applicants who lie on applications or have fraudulent insurance claims Morale Hazard - Correct Answer Hazard arising out of an insured's indifference to loss because of the existence of insurance. Perils - Correct Answer are the causes of loss insured against in an insurance policy.