Kentucky Property and Casualty Insurance Licensing with 100% correct answers

Kentucky Property and Casualty Insurance LicensingRisk - correct answer Chance or uncertainty of loss Managing Risk - correct answer STARR: Share, Transfer, Avoid, Reduce, Retain Purpose of Insurance - correct answer Transfer risk and responsibility in exchange for payment of a premium Law of Large Numbers - correct answer The more examples used to develop any statistic, the more reliable that statistic will be. Elements of Insurability - correct answer Insurable interest, definite risk of loss, accidental risk, calculable loss, affordable cost to the insured, predictable losses due to large number of persons with similar potential loss available, loss must be spread Parts of a Policy - correct answer Declarations, Insuring Agreements, Conditions, Exclusions, Definitions Declarations - correct answer Contain name, address, amount of coverage provided, property description, cost of policy Insuring Agreements - correct answer Contains losses for which the insured will be indemnified, type of property covered, perils against which the property is insured Conditions - correct answer "Ground rules" for the policy, responsibilities and obligations of both the insurance company and the insured Exclusions - correct answer Describes the losses for which the insured is not covered.