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Exam (elaborations)
Washington Life/Health Insurance Exam Accurate 100%
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policy owner - ANSWER usually, but not always the person covered by the policy beneficiary - ANSWER the person who is paid when a claim is submitted agent/producer - ANSWER acts as a legal representative of the insurance company broker - ANSWER representative of the Insured, not the insurance company risk - ANSWER The chance or uncertainty of loss Pure risk - ANSWER the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. Speculative risk - ANSWER s the chance of loss one accepts in the hope of realizing a gain
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