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LOMA 281 2024 Exam Questions and Answers All Correct

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LOMA 281 2024 Exam Questions and Answers All Correct What are speculative risks? - Answer-Risks that involve three outcomes: loss, gain, or no change What are pure risks? - Answer-Risks that involve no possibility of gain What risks are insurable? - Answer-Only pure risks Speculative risks involve the possibility of gain so they cannot be insured What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to carry at its own risk What is a commutative contract? - Answer-The parties agree to exchange specified items or services that are equal in value What is an aleatory contract? - Answer-One party exchanges something of value for the other party's conditional promise Is a life insurance policy a commutative or aleatory contract? - Answer-Aleatory

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