Massachusetts Property & Casualty Exam correctly answered 2024

Massachusetts Property & Casualty Examrisk - correct answer possibility that a loss will occur insurance - correct answer contract that transfers the risk of financial loss from an individual/business to an insurance company speculative risk - correct answer chance of loss or gain; not insurable (think gambling) pure risk - correct answer chance of loss only; insurance companies will insure (think car accident) peril - correct answer direct cause of loss exposure - correct answer risks for which the insurance company would be liable. the greater this is, the higher the premium direct loss - correct answer physical loss to property (ie house fire) indirect loss - correct answer loss as a result of the direct loss (ie landlord loses profits on house) hazard - correct answer increases the chance that a loss will occur physical hazard - correct answer physically identifiable factors that increase the chance of loss moral - correct answer an individual's character (ie honesty) morale - correct answer attitude or carelessness that can increase the chance of loss