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Exam (elaborations)
NC Health Insurance Exam Pearson Vue|214 Questions with 100% Correct Answers | Verified | Updated 2024
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Pure Risk - ️️chance of loss or no loss but not gain insurable Speculative Risk - ️️there is possibility of loss but of gain no insurablility exposure unit - ️️subject to loss peril - ️️cause of loss life insurance - ️️death Health insurance - ️️accident and sickness hazard - ️️increases the likelihood or severity of loss Three types of hazard - ️️physical, moral, morale physical hazard - ️️arise from the inherent characteristic of the exposure unit Moral Hazard - ️️lifestyle of the insured person Morale hazard - ️️arise more from an outlook on life risk avoidance - ️️eliminating all risk altogether
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