Washington Life AND
Health Insurance LATEST
Exam WITH QUESTIONS
AND CORRECT VERIFIED
ANSWERS GRADED A+
GUARANTEED PASS
risk - ANSWER-The chance or uncertainty of loss
Pure risk - ANSWER-the chance of experiencing a loss
(without the possibility of gain). Only downside, no
upside.
Speculative risk - ANSWER-s the chance of loss one
accepts in the hope of realizing a gain
,Risk avoidance - ANSWER-staying away from risky
activities altogether
Risk reduction - ANSWER-reduce the chance of
something bad happening
Risk shifting - ANSWER-Get someone else to accept the
risk
Buying insurance - ANSWER-transfer a portion of your
risk to the Insurer
Risk Retention - ANSWER-the individual or business that
opts not to buy insurance retains the entire risk
Indemnification - ANSWER-an insurance concept that
states that some portions of the insurance industry
prefer that we be made only whole after a loss rather
than coming out ahead (Only getting back what you are
owed, not getting more than what you had to start with)
,Subrogation - ANSWER-the transfer to the Insurer of the
Insured's rights to recover damages from a responsible
third party
Peril - ANSWER-the cause of loss
Law of Large numbers - ANSWER-the mathematical
concept that makes it easier to predict losses if we have
a large number of Insureds
Insurable losses are... - ANSWER-Economic, Predictable,
Accidental, Measurable, Non-Catastrophic
non-participating companies - ANSWER-Stock companies
that exist for the sole purpose of generating profits
for their stockholders
participating companies - ANSWER-A company owned by
its policy holders where the profits are distributed among
policy holders
, Social Security act - ANSWER-a guarantee that
government
would never again allow workers (and their families) to
become
destitute
OASDI (Social Security) - ANSWER-Old Age, Survivors, and
Disability Insurance...Federal Government law
FICA - ANSWER-Federal Insurance Contributions Act
or FICA, payroll taxes levied on employees, employers,
and the self-employed.
Not covered by social security - ANSWER-payroll taxes
levied on employees, employers,
and the self-employed.
National Association of Insurance Commissioners -
ANSWER-Collect dues to fund politicians and consumers
and recommend laws to legislature
Health Insurance LATEST
Exam WITH QUESTIONS
AND CORRECT VERIFIED
ANSWERS GRADED A+
GUARANTEED PASS
risk - ANSWER-The chance or uncertainty of loss
Pure risk - ANSWER-the chance of experiencing a loss
(without the possibility of gain). Only downside, no
upside.
Speculative risk - ANSWER-s the chance of loss one
accepts in the hope of realizing a gain
,Risk avoidance - ANSWER-staying away from risky
activities altogether
Risk reduction - ANSWER-reduce the chance of
something bad happening
Risk shifting - ANSWER-Get someone else to accept the
risk
Buying insurance - ANSWER-transfer a portion of your
risk to the Insurer
Risk Retention - ANSWER-the individual or business that
opts not to buy insurance retains the entire risk
Indemnification - ANSWER-an insurance concept that
states that some portions of the insurance industry
prefer that we be made only whole after a loss rather
than coming out ahead (Only getting back what you are
owed, not getting more than what you had to start with)
,Subrogation - ANSWER-the transfer to the Insurer of the
Insured's rights to recover damages from a responsible
third party
Peril - ANSWER-the cause of loss
Law of Large numbers - ANSWER-the mathematical
concept that makes it easier to predict losses if we have
a large number of Insureds
Insurable losses are... - ANSWER-Economic, Predictable,
Accidental, Measurable, Non-Catastrophic
non-participating companies - ANSWER-Stock companies
that exist for the sole purpose of generating profits
for their stockholders
participating companies - ANSWER-A company owned by
its policy holders where the profits are distributed among
policy holders
, Social Security act - ANSWER-a guarantee that
government
would never again allow workers (and their families) to
become
destitute
OASDI (Social Security) - ANSWER-Old Age, Survivors, and
Disability Insurance...Federal Government law
FICA - ANSWER-Federal Insurance Contributions Act
or FICA, payroll taxes levied on employees, employers,
and the self-employed.
Not covered by social security - ANSWER-payroll taxes
levied on employees, employers,
and the self-employed.
National Association of Insurance Commissioners -
ANSWER-Collect dues to fund politicians and consumers
and recommend laws to legislature
