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Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers
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Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers) Insurance - CORRECT ANSWER A contract that indemnifies another against loss, damage, or liability Indemnify - CORRECT ANSWER To make one whole by restoring them to the same financial position that existed before the loss Pure risk - CORRECT ANSWER There is only a chance of loss and there is no possibility for gain (insurable) Speculative risk - CORRECT ANSWER Uncertainty of loss or gain: these risks are undertaken voluntarily (ex: stock market) Peril - CORRECT ANSWER The immediate specific event causing loss
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