Fred Loya Insurance Exam Questions With Verified Answers

Fred Loya Insurance Exam Questions With Verified Answers Pure Risk - answerNo possible gain risk - answerThe certainty of a future outcome Speculative Risk - answerInvolves gain or loss Peril - answerThe cause of a loss Ex; accident, fire wind ,hail,collison Hazard - answerincrease possibility of a loss Loss - answerchance of loss because of an exposure premium - answermoney collected from insured exposure - answerpossibility of a loss retention - answeragreement to be able to retain a part of a loss avoidance - answerkeeping away from anything that is a risk insurance - answeragreement between insure and the insurance to pay the loss of premiums Direct Loss - answeractual physical loss Indirect Loss - answera financial loss after a physical loss licensing of agents - answerany person or company engaged to be qualified to sell insurance Broker - answerperson who represents the insured rather than the insurance company Producer/Solicitor - answerProducer or Solicitor is a legal representative agent or a boker State of Domicile - answerHome of the insurance company Domestic Insurance - answerformed under the law in the state Foreign - answerout of state Alien Insurance - answerOut of the country