CT Property and Casualty State Exam with all Correct &
100% Verified Answers |Actual Complete Update |
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risk ✔Correct Answer-is the possibility a loss will occur.
Two Types of Risks ✔Correct Answer-Speculative and Pure.
Speculative Risk ✔Correct Answer-have a possibility of a loss and also the possibility of a gain.
(not covered by insurance companies)
examples of speculative risk ✔Correct Answer-Gambling and Investing.
Pure Risks ✔Correct Answer-ONLY involve the possibility of experiencing a loss, not a gain.
(covered by insurance companies)
Example of Pure Risk ✔Correct Answer-Car Accidents
Exposure ✔Correct Answer-The potential for accidents and other losses. (risk for which
insurance company would be liable)
Insurance ✔Correct Answer-is a contract that transfers the risk of financial loss from an
individual, or business to an insurance company. (only covers losses that involve risk)
insurance policy ✔Correct Answer-is a legal contract.
Insurer ✔Correct Answer-insurance company
Insured ✔Correct Answer-the customer
Peril ✔Correct Answer-The cause of loss ( The reason loss occurred)
Loss ✔Correct Answer-the unintended, unforeseen damage to property, injury, or amount
paid.
Two Types of loss are ✔Correct Answer-Direct and Indirect
Direct Loss ✔Correct Answer-is a physical loss to property with no intervening cause
Examples of direct loss are ✔Correct Answer-lighting striking a house and an automobile
hitting a tree.
100% Verified Answers |Actual Complete Update |
Already Graded A+
risk ✔Correct Answer-is the possibility a loss will occur.
Two Types of Risks ✔Correct Answer-Speculative and Pure.
Speculative Risk ✔Correct Answer-have a possibility of a loss and also the possibility of a gain.
(not covered by insurance companies)
examples of speculative risk ✔Correct Answer-Gambling and Investing.
Pure Risks ✔Correct Answer-ONLY involve the possibility of experiencing a loss, not a gain.
(covered by insurance companies)
Example of Pure Risk ✔Correct Answer-Car Accidents
Exposure ✔Correct Answer-The potential for accidents and other losses. (risk for which
insurance company would be liable)
Insurance ✔Correct Answer-is a contract that transfers the risk of financial loss from an
individual, or business to an insurance company. (only covers losses that involve risk)
insurance policy ✔Correct Answer-is a legal contract.
Insurer ✔Correct Answer-insurance company
Insured ✔Correct Answer-the customer
Peril ✔Correct Answer-The cause of loss ( The reason loss occurred)
Loss ✔Correct Answer-the unintended, unforeseen damage to property, injury, or amount
paid.
Two Types of loss are ✔Correct Answer-Direct and Indirect
Direct Loss ✔Correct Answer-is a physical loss to property with no intervening cause
Examples of direct loss are ✔Correct Answer-lighting striking a house and an automobile
hitting a tree.
