Washington Life/Health Insurance Exam with Guaranteed Accurate Answers

Policy owner - correct answer usually, but not always the person covered by the policy Beneficiary - correct answer the person who is paid when a claim Is submitted Agent/producer - correct answer acts as a legal representative Of the insurance company Broker - correct answer representative of the insured, not the insurance company Risk - correct answer the chance or uncertainty of loss Pure risk - correct answer the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. Speculative risk - correct answer s the chance of loss one accepts in the hope of realizing a gain Risk avoidance - correct answer staying away from risky activities altogether Risk reduction - correct answer reduce the chance of something bad happening Risk shifting - correct answer get someone else to accept the risk Buying insurance - correct answer transfer a portion of your risk to the insurer Risk retention - correct answer the individual or business that opts not to buy insurance retains the entire risk Indemni