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Exam (elaborations)
Alabama Property and Casualty Sample Quizzes & Solutions 100% Correct
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What is a hazard? - ANSWER an increase in the possibility that a loss might occur transfer risk from a person or business to an insurance company that agrees to to pay for losses in exchange for a premium. - ANSWER insurance The type of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits is a - ANSWER mutual company Risk of loss is a speculative risk - ANSWER Which one of the following is NOT an element of insurability? a. Loss must be calculable b. Risk of loss must represent a financial harship c. Cost of insurance must be affordable d. Risk of loss is a speculative risk
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