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PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE

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Institution PROPERTY AND CASUALTY INSURANCE
Course PROPERTY AND CASUALTY INSURANCE
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Insurance -:- Transferring risk or loss to an insurance company Law of Large Numbers -:- Sharing risk between a large pool of people Statistical Prediction -:- Using past losses to predict future losses Insurable Interest -:- Having a financial stake in the insured property Elements of Insurable Risk -:- Control, custody, or ownership of the property 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain | Excel! Risk -:- Uncertainty or likelihood of a loss occurring Pure Risk -:- Circumstances that can only result in no change or a loss Speculative Risk -:- Opportunity for either gain or loss Perils -:- Causes of loss that insurance providers cover Homogeneous Group -:- A large pool of people with similar loss exposure Insurance Mechanism

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




PROPERTY AND CASUALTY INSURANCE EXAM
PREP QUESTIONS AND ANSWER | LATEST
UPDATE
Insurance


✓ -:- Transferring risk or loss to an insurance company




Risk Transfer


✓ -:- Transferring risk from an individual to an insurance company




Law of Large Numbers


✓ -:- Predictability of losses in a large group of similar risks




Insurable Interest


✓ -:- Policy owner's financial interest in the insured property




Pure Risk


✓ -:- Risk that can only result in loss, not gain




1|P a g e | G r a d e A + | 2 0 2 0 2 5

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!


Speculative Risk


✓ -:- Risk that includes the opportunity for gain or loss




Perils


✓ -:- Causes of loss covered by insurance




Hazards


✓ -:- Circumstances that increase the likelihood of loss




Physical Hazards


✓ -:- Hazards related to the physical characteristics of a risk




Moral Hazards


✓ -:- Hazards related to dishonesty or fraud




Morale Hazards


✓ -:- Hazards related to indifference or carelessness due to insurance

coverage



2|P a g e | G r a d e A + | 2 0 2 0 2 5

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