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Chapter 1 - Fundamentals of Insurance QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
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Spread of Risk - correct answer - "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot provides for payment for the losses of those who have claims Basis of Credit System - correct answer Consumer access to insurance frees up credit Eliminates Worry - Encourages Entrepreneurship - correct answer - Allows people to engage in many ventures w/o having to set money aside (for future losses) - Premium (defined expenditure) - Covers large but uncertain losses - making you _________. Loss Prevention and Loss Reduction - correct answer - Nation-wide campaign to fight Insurance Fraud - Industry works hard to prevent and reduce severity
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Chapter 1 - Fundamentals Of Insurance
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Chapter 1 - Fundamentals of Insurance
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- Chapter 1 - Fundamentals of Insurance
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- Chapter 1 - Fundamentals of Insurance
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- Uploaded on
- December 16, 2023
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chapter 1 fundamentals of insurance
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