TSI FULL SOLUTIONS EXAM PREP STUDY GUIDE
WITH VERIFIED SOLUTIONS
◉ Insured.
Answer: The party covered by the policy and receiving insurance
protection.
◉ Policyowner.
Answer: The person making insurance payments who holds all
policy rights.
◉ Insurance Producer/Agent.
Answer: A person who sells and markets insurance, explains
policies, and helps fill out applications.
◉ Underwriter.
Answer: Evaluates applications, sets prices, and determines if
individuals qualify for coverage.
◉ Insurance Definition.
Answer: The transfer of financial risk from an individual to a larger
company.
, ◉ Pure Risk.
Answer: Uncertainty of loss with no chance of financial gain;
insurable.
◉ Speculative Risk.
Answer: Risk involving potential for both gain and loss; not
insurable.
◉ Hazards.
Answer: Conditions that increase the probability or severity of a
loss.
◉ Physical Hazards.
Answer: Physical conditions that increase loss potential, such as
broken stairs or debris.
◉ Moral Hazards.
Answer: Hazards arising from dishonesty or intentional disregard,
such as fraudulent claims.
◉ Morale Hazards.
WITH VERIFIED SOLUTIONS
◉ Insured.
Answer: The party covered by the policy and receiving insurance
protection.
◉ Policyowner.
Answer: The person making insurance payments who holds all
policy rights.
◉ Insurance Producer/Agent.
Answer: A person who sells and markets insurance, explains
policies, and helps fill out applications.
◉ Underwriter.
Answer: Evaluates applications, sets prices, and determines if
individuals qualify for coverage.
◉ Insurance Definition.
Answer: The transfer of financial risk from an individual to a larger
company.
, ◉ Pure Risk.
Answer: Uncertainty of loss with no chance of financial gain;
insurable.
◉ Speculative Risk.
Answer: Risk involving potential for both gain and loss; not
insurable.
◉ Hazards.
Answer: Conditions that increase the probability or severity of a
loss.
◉ Physical Hazards.
Answer: Physical conditions that increase loss potential, such as
broken stairs or debris.
◉ Moral Hazards.
Answer: Hazards arising from dishonesty or intentional disregard,
such as fraudulent claims.
◉ Morale Hazards.