KY Property and Casualty questions and answers 2024

KY Property and Casualty questionsWhat are the relationships of perils to loss? - correct answer hazards perils loss insurance What is pure risk? - correct answer loss only no financial gain What are similar exposures called? - correct answer homogenous What is a moral hazard? - correct answer dishonest predisposition on part of an insured which increases the chance of loss What are the two categories of perils? - correct answer property casualty What is casualty perils? - correct answer the loss of and/or damage to property and resulting liabilities What are the elements of insurable risk? - correct answer due to chance definite and measurable statistically and predictable not catastrophic randomly selected/large loss exposure What is adverse selection? - correct answer the tendency of persons with a higher than average chance of loss