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XCEL Chapter 2 - Nature of Insurance Exam Practice Questions and Answers (100% Pass)

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XCEL Chapter 2 - Nature of Insurance Exam Practice Questions and Answers (100% Pass) How do insurers predict the increase of individual risks? - Answer️️ -Law of large numbers Which of the following is considered to be an event or condition that increases the probability of an insured's loss? - Answer️️ -Hazard An example of risk sharing would be - Answer️️ -Doctors pooling their money to cover malpractice exposures All of the following are examples of pure risk EXCEPT? - Answer️️ - Losing money at a casino What is known as the immediate specific event causing loss and giving rise to risk? - Answer️️ -Peril An individual who removes the risk of los

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xcel chapter 2 nature of insurance exam practice

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XCEL Chapter 2 - Nature of Insurance Exam Practice
Questions and Answers (100% Pass)

How do insurers predict the increase of individual risks? - Answer✔️✔️-Law
of large numbers

Which of the following is considered to be an event or condition that
increases the probability of an insured's loss? - Answer✔️✔️-Hazard

An example of risk sharing would be - Answer✔️✔️-Doctors pooling their
money to cover malpractice exposures

All of the following are examples of pure risk EXCEPT? - Answer✔️✔️-
Losing money at a casino

What is known as the immediate specific event causing loss and giving rise
to risk? - Answer✔️✔️-Peril

An individual who removes the risk of losing money in the stock market
by never purchasing stocks is said to be engaging in - Answer✔️✔️-Risk
Avoidance

Insurance represents the process of risk - Answer✔️✔️-transference

People with higher loss exposure have the tendency to purchase insurance
more often than those at average risk. This is called - Answer✔️✔️-Adverse
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XCEL Chapter 2 - Nature of Insurance Exam Practice Questions and Answers (100% Pass)

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