Pure economic loss Study guides, Revision notes & Summaries

WASHINGTON LIFE/HEALTH INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. policy owner - -usually, but not always the person covered by the policy beneficiary - -the person who is paid when a claim is submitted agent/producer - -acts as a legal representative of the insurance company broker - -representative of the Insured, not the insurance company risk - -The chance or uncertainty of loss Pure risk - -the chance of experiencing a loss (without the possibility of gain). Only dow...

USAA Licensing Exam Latest Update Graded A+ Insurance Transfer of risk from one person or organization to an insurance company Indemnity The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty in...

Michigan Credit Insurance Study Guide Rated A+ Definintion of Insurance "A social device for transferring risk through an accumulation of funds" Policy A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium A set amount that must be paid for a Policy. Concept of Risk Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, which result ...

RMI 2101 Exam 1 (Temple University) Already Graded A Risk is the uncertainty about future losses or outcomes Probability likelihood that an outcome or event will occur Pure Risk is a chance of loss or no loss but no chance for gain; always undesirable Good Example of Pure Risk? You own a building, it will either burn or not burn, either way your financial responsibility remains constant. Pay the for the up keep of the building or suffer financial loss if building burns. Specu...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - A. Only pure risks...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - ANSWER C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - ANSWER A. Only p...

Definition of Insurance ️ "A social device for transferring risk through an accumulation of funds" Policy ️ A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium ️ A set amount that must be paid for a Policy. Concept of Risk ️ Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, which result in financial or economic loss. Life insur...

PA LIFE INSURANCE LATEST VERSION GRADED A+ Insurance created as a practical means to reduce the financial impact of an unexpected loss. life insurance transfers to a life insurance company the risk of financial loss resulting from the death of an insured person. The life insurance company guarantees to pay a specified amount of money to a beneficiary when the insured dies. annuity A cash contract between a person (the annuity owner) and a life insurance company (the annuity issuer...

California Personal Lines Broker Test 100% Correct Solved A-1. Insurance is a contract whereby one undertakes to indemnify another against: - Correct Answer ️️ -Damage A-2. A peril is: - Correct Answer ️️ -The actual cause of a loss. A-3. The uncertainty or chance of a loss occurring is known as: - Correct Answer ️️ - Risk A-4. Which are the main types of risks? - Correct Answer ️️ -Pure and Speculative A-5. A hazard is best defined as: - Correct Answer ️️ -Anything t...

Florida 2-15 Insurance Exam (Answered) In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Ans: - C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. specu...