WebCE Property & Casualty Prep Exam with all Correct & 100%
Verified Answers |Latest Update |Already Graded A+
Risk ✔Correct Answer-Chance of loss
5 Risk or Loss Factors ✔Correct Answer-1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard
Insurance allows: ✔Correct Answer-Individual or group to transfer over to insurance company
the risk of financial loss from a destructive event
Fundamental purpose of insurance is: ✔Correct Answer-To indemnify policyholder against
covered losses or restore policyholder back to same financial position they were in before
Insurance companies may used term risks to refer to insured: ✔Correct Answer-1. Person 2.
Property 3. Activity
Loss ✔Correct Answer-Unplanned or unwelcome reduction in economic value
What is Direct and Indirect loss ✔Correct Answer-1. Direct loss - immediate result of and
event caused by a covered peril 2. Indirect loss - remote result of an event caused by covered
peril
Exposure ✔Correct Answer-State of being subject to a possible loss
Insurer measures exposure by ✔Correct Answer-Units to the person, property or event (more
exposure units, the greater the premium)
Exposure is also referred to as: ✔Correct Answer-Total risk an insurer faces with insured
Peril ✔Correct Answer-The destructive event that insurance guards against
6 types of peril ✔Correct Answer-1. Fire 2. Explosion 3. Windstorm 4. Flood 5.Theft 6.
Collision
Insurance policy provides ✔Correct Answer-Financial protection against losses caused by
specified peril
Havard ✔Correct Answer-Is condition that increases the likely occurrence of a peril or severity
of a loss
Name the 3 types of hazards ✔Correct Answer-1. Moral 2. Morale 3. Physical
Verified Answers |Latest Update |Already Graded A+
Risk ✔Correct Answer-Chance of loss
5 Risk or Loss Factors ✔Correct Answer-1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard
Insurance allows: ✔Correct Answer-Individual or group to transfer over to insurance company
the risk of financial loss from a destructive event
Fundamental purpose of insurance is: ✔Correct Answer-To indemnify policyholder against
covered losses or restore policyholder back to same financial position they were in before
Insurance companies may used term risks to refer to insured: ✔Correct Answer-1. Person 2.
Property 3. Activity
Loss ✔Correct Answer-Unplanned or unwelcome reduction in economic value
What is Direct and Indirect loss ✔Correct Answer-1. Direct loss - immediate result of and
event caused by a covered peril 2. Indirect loss - remote result of an event caused by covered
peril
Exposure ✔Correct Answer-State of being subject to a possible loss
Insurer measures exposure by ✔Correct Answer-Units to the person, property or event (more
exposure units, the greater the premium)
Exposure is also referred to as: ✔Correct Answer-Total risk an insurer faces with insured
Peril ✔Correct Answer-The destructive event that insurance guards against
6 types of peril ✔Correct Answer-1. Fire 2. Explosion 3. Windstorm 4. Flood 5.Theft 6.
Collision
Insurance policy provides ✔Correct Answer-Financial protection against losses caused by
specified peril
Havard ✔Correct Answer-Is condition that increases the likely occurrence of a peril or severity
of a loss
Name the 3 types of hazards ✔Correct Answer-1. Moral 2. Morale 3. Physical
