Arizona Health Insurance Exam | Questions and answers with 100% correct solutions | Graded A+

Insurance a contract in which one party (the insurance company) agrees to "make whole" the insured party against loss, damage or liability arising from an unlikely event In ___________ insurance, the policy protects survivors from losses suffered after the insured's death Life Insurance __________ the risk of loss from an individual or business to an insurance company Transfers Risk the uncertainty or chance of a loss occurring Pure Risk situations that can only result in a loss or no change In __________ risk, there is no opportunity for financial gain Pure __________ risk is the only type of risk that insurance companies are willing to accept Pure Speculative Risk involves the opportunity for loss or gain __________ risk is not insurable SpeculativeExposure unit of measurement used to determine rates charged for insurance coverage 4 Determining Factors in Life Insurance - Age of insured - Medical history - Occupation - Sex of insured