FUNDAMENTALS OF INSURANCE QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE

FUNDAMENTALS OF INSURANCE QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE RISK - correct answer IS THE CHANCE OF FINANCIAL LOSS PERIL - correct answer IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - correct answer IS TO ALLOW THE SPREAD OF RISK INDEMNITY - correct answer MEANS RESTORING THE INSUREDS TO THE SAM FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLAIM? - correct answer THE INSURER INSURANCE INDEMNIFIES - correct answer FUTURE AND ACCIDENTAL LOSSES ONLY, NOT THE PLANNED LOSSES DIRECT WRITERS - correct answer IN THIS METHOD PRODUCERS ARE EMPLOYEES OF THE INSURER. THEY ARE PAID REMUNERIATION BY THE WAY OF SALARY. INSURER OWNS CUSTOMER FILES INDEPENDANT BROKERAGES - correct answer THEY ARE SELF EMPLOYED, THEY ARE NOT EMPLOYEES OF THE INSURANCE COMPANY THEY REPRESENT. THEY ARE PAID COMMISSION. THE CUSTOMER FILES ARE OWNED BY THE BROKERAGE PURE RISK - correct answer THERE IS ONY A CHANDE OF FINANCIAL LOSS WITH NO CHANCE OF PROFITING FROM IT FOR EXAMPLE, FIRE LOSS SPECULATIVE RISK - correct answer THERE IS A CHANCE OF FINANCIAL LOSS AS WEL AS A CHANCE OF FINANCIAL GAIN WHAT ARE THE 4 WAYS OF LIVING WITH RISK - correct answer AVOIDANCE OF RISK- ACTING LIKE ITS NOT THERE CONTROLLING OF RISK- GETTING THINGS INSTALLED TO LESSON THE RISK RETENTION OF RISK- SAVING MONEY TO DEAL WITH RISKS AS THEY COME TRANSFER OF RISK- PURCHASING INSURANCE