NC Health Insurance Exam Pearson Vue Questions With 100% Correct Answers

NC Health Insurance Exam Pearson Vue Questions With 100% Correct Answers Pure Risk - answerchance of loss or no loss but not gain insurable Speculative Risk - answerthere is possibility of loss but of gain no insurablility exposure unit - answersubject to loss peril - answercause of loss life insurance - answerdeath Health insurance - answeraccident and sickness hazard - answerincreases the likelihood or severity of loss Three types of hazard - answerphysical, moral, morale physical hazard - answerarise from the inherent characteristic of the exposure unit Moral Hazard - answerlifestyle of the insured person Morale hazard - answerarise more from an outlook on life risk avoidance - answereliminating all risk altogether risk retention - answermanage risk Deduction self-insurance - answerinstead of buying health insurance and saving $ in the bank Pure risk that are not insurable - answerFlood, War, Catastrophic losses Intentional losses - answernot insurable Adverse selection - answerbad for insurance insurance actuary - answera specially trained mathematician who calculates premiums underwriter - answerchecks out the medical history of the proposed insured and other factors to eliminate adverse selection against the insurance company, issue policy premium restrictions