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PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE

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Insurance -:- Transferring risk of loss to an insurance company Law of Large Numbers -:- Predictability of losses among a larger group of people Property Insurance -:- Insuring against the loss of physical property or its ability to produce income Casualty Insurance -:- Insuring against liabilities resulting from loss or damage of property Life Insurance -:- Insuring against financial loss caused by the untimely death of an insured 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain | Excel! Health Insurance -:- Insuring against loss of income or medical expenses Insurable Interest -:- Policy owner's financial interest in the insured property Perils -:- Causes of loss covered by an insurance policy Financial Risk -:- Risk that affects financial gain or loss Business Risk -:- Risk that affects the success or failure of a business Hazard -:- Condition that increa

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




PROPERTY AND CASUALTY INSURANCE EXAM
PREP QUESTIONS AND ANSWER | LATEST
UPDATE
Insurance


✓ -:- Transferring risk or loss to an insurance company




Risk


✓ -:- Uncertainty or likelihood of a lo ss occurring




Law of Large Numbers


✓ -:- Sharing risk among a large pool of people with similar exposure to

loss




Insurable Interest


✓ -:- Policy owner must have a financial interest in the insured property




Perils


✓ -:- Causes of loss that insurance providers cover




1|P a g e | G r a d e A + | 2 0 2 0 2 5

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!


Hazards


✓ -:- Circumstances that increase the likelihood of an insured loss




Physical Hazards


✓ -:- Risks related to the physical characteristics of a property




Moral Hazards


✓ -:- Risks related to dishonesty or fraudulent behavior




Morale Hazards


✓ -:- Risks related to apathy towards loss due to the presence of

insurance




Legal Hazards


✓ -:- Risks related to legal or regulatory conditions that affect an insurer's

ability to collect premiums




Loss




2|P a g e | G r a d e A + | 2 0 2 0 2 5

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