214 FLORIDA INSURANCE ACTUAL EXAM WITH QUESTIONS AND ANSWERS VERIFIED

Life Insurance - This type of insurance pays when an insured has died to offset the economic loss to dependents. A) life B) health C) annuity D) property and casualty Policy - An insurance _________ is the device used by insurance companies to accumulate funds to meet uncertain losses. Risk Pooling - Insurance companies aggregate (collect) premiums to make claims payments - the aggregating of premiums to pay claims is called _____ ___________. Exposure Units - The more _______ units an insurance company has to study the more likely any projections made will equal what actually occurs. Pure Risk - Which type of risk is ONLY the chance of loss? A) speculative risk B) gambling risk C) pure risk D) risk and return Morale Hazard - A ________ hazard is an UNCONSCIOUS mental attitude which increases the probability and severity of loss. Moral Hazard - An insured that purposely inflates the value of