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

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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 -:- Transferring costs of unforeseen losses to many individuals 3 | 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! Premiums -:- Amount paid for insurance coverage Loss Exposure -:- Risk of experiencing a

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




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




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!


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


✓ -:- Transferring costs of unforeseen losses to many individuals




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

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