STATE FARM INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS

STATE FARM INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS to reduce expenses and cash flow, increase control of claim settlements, and to fund losses that can't be insured are called risk - Answer-retention dealing with risk for a group of individuals that have the same type of exposure to loss is called risk - Answer-sharing installing smoke detectors, having annual physicals, and lifestyle changes all reduce the chance of loss. This is called risk - Answer-reduction The most effective way to handle risk so a loss becomes the responsibility of the insurance company is called (pass the responsibility to someone else) - Answer-transfer Losses due to chance, that are definite and measurable, that are predictable, and that are not catastrophic are called ELEMENTS OF INSURABLE - Answer-risks The term that is a prediction of the age that a group of similar individuals might die is called the LAW OF LARGE - Answer-numbers Insurance companies hate to insure people/properties that have higher risks of filing claims (like me and the back garage....my insurance company dropped me - I'm a bad risk) This is called ADVERSE - Answer-selection Insurance is available from private companies as well as governments. Both groups here are called - Answer-insurers