Property and Casualty Chapter 1 questions with correct answers

A chance or uncertainty of loss is called ___? CORRECT ANSWER Risk Gambling is an example of ____. CORRECT ANSWER Speculative risk Insurance will only cover ____ risks. CORRECT ANSWER Pure The transfer of risk from an individual or business to a professional risk taking company is called ____. CORRECT ANSWER Insurance Loss is defined as _____ hurt. CORRECT ANSWER Financial Having your car stolen is an example of a ____ loss, whereas not having the use of your stolen car would be referred to as an _____ or consequential loss. CORRECT ANSWER Direct and Indirect Insurance that covers your stuff is called ____ insurance. CORRECT ANSWER Property Insurance that protects you when your stuff gets you in trouble with The Other Guy is called ____ or _____ insurance. CORRECT ANSWER liability or casualty Property insurance policies are ____ party contracts, whereas liability policies are ____ party contracts. CORRECT ANSWER Two party contracts, Third party contracts