Property and Casualty insurance exam 100% correct!

Property and Casualty insurance exam 100% correct! Insurance - ANSWER The transfer of risk through a legal contract Property - ANSWER Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - ANSWER covers non-property losses (3rd Party) Personal lines - ANSWER Insurance for families and individuals Commercial Lines - ANSWER Insurance for Business Risk - ANSWER Uncertainty of financial loss Pure Risk - ANSWER Chance of loss only (insurance only covers) Speculative Risk - ANSWER Chance of loss or gain law of large numbers - ANSWER as the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group Perils - ANSWER causes a loss