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Alabama Health Insurance Exam Correct 100%
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Pure - ANSWER Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. Pure Risk - ANSWER The chance of loss without any chance of gain is called ___________ Speculative Risk - ANSWER has the possibility for gain or loss and is not insurable. Risk - ANSWER is defined as the chance of loss. Exposure - ANSWER A condition that could result in a loss is known as Hazard - ANSWER is something that increases the chance of loss. Physical Hazard - ANSWER The presence of a _____________ increases the chance of a loss occurring.
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