Mississippi Insurance Exam Correct Questions & Answers(RATED A)

chance or uncertainty of loss - ANSWER risk another term that means almost the same thing as risk is ______________ - ANSWER exposure people have developed several different methods for managing risks for serious financial losses. One method is simply to _________________. For example you can ___________ the risk of being in an auto collision by never getting into a car. - ANSWER avoid risk, avoid is isn't practical to avoid all risks. fortunately you can also ___________ risk to some extent. For example , training workers in the safe use of welding tools can curtail the frequency of fires on the job. - ANSWER control risks control techniques that curtail the loss frequency come under the heading of ____________ ____________ ex. installing a sprinkler system in a factory won't prevent a fire from occurring but will limit the severity of the fire from occurring. Risks control techniques that limit the loss severity come under the heading of __________ ______________ - ANSWER loss prevention, risk reduction in some cases people simply ________ _________. that is, if any loss occurs they will pay for it themselves. - ANSWER retain risk a hold harmless agreement may shift liability from an owner or contractor to a tenant or subcontractor. what kind of risks is this - ANSWER transfer risks a contract or device for transferring risk from a person, business, or organization to an insurance company that agrees, in exchange for premium to pay for the losses through an accumulation of premiums. - ANSWER insurance predicts the likelihood of a loss - ANSWER actuary insurance can only be used to manage ___________ ____________ which involve the only possibility of loss not gain. - ANSWER pure risks you need insurable interests in Property and Casualty at ________________________. - ANSWER the time of the claim