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C11 - Chapter 1 Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
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Which type of risk can be insured? : Pure risk - Pure risk entails a chance of loss but no chance of profit. Insurance is concerned only with pure risk. Paul opens up a new barber shop on a busy downtown street and expects to earn a big profit. What is this an example of? : Speculative risk - Speculative risk exists where there is either a chance of loss or a chance of profit. Identify an example of peril. · Explosion resulting in fire · Loose carpet on stairs · Obsolete machinery at a factory · Poorly maintained heating system : Explosion resulting in fire - The explosion is the event that caused the fire to start, which then caused the damage
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