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Exam (elaborations)
Property and Casualty insurance exam questions and answers already passed
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Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of loss or gain law of large numbers as the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group
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