Oklahoma Insurance Exam (Life
Insurance) With 100% Correct And
Verified Answers
What are two kinds of risk? - Correct Answer-
Speculative risk
pure risk
what type of risk is the chance of financial loss with
the possibility of gain or loss? Ex: Gambling -
Correct Answer-speculative risk
what type of risk is the chance of financial loss with
no possibility of gain. the only potential outcome is
financial loss. - Correct Answer-Pure risk
what is another work for restoring or making
financially whole? - Correct Answer-indemnify
the actual cause of a loss or the reason a loss
occurred is called? - Correct Answer-peril
conditions increase the chance of a peril is called? -
Correct Answer-hazard
what are the 3 types of hazards? and describe -
Correct Answer-Physical Hazard-arises from visible
material or structural features
Moral Hazard-arises from morality of insured
(intentional and deliberate)
Morale Hazard-arises from human carelessness,
indifference, or irresponsibility
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, what are the 4 risk management techniques?
(RRAT) - Correct Answer-Reduce
retain
avoid
transfer
what are the 6 requirements for a pure risk can be
insurable? - Correct Answer-accidental loss
financial loss
calculable loss
affordable
non-catastrophic
predictable
what is it called when you are legally binding an
individual between the insurer and the insured -
Correct Answer-insurance policy
what is the likelihood of going during a given year.
these tables predict the probability of the number
of deaths in a given year. - Correct Answer-
mortality
mortality tables assume everyone is statically dead
at one age? - Correct Answer-100
The price (cost) of insurance per unit of exposure. -
Correct Answer-rate
what are the three components of rates? - Correct
Answer-mortality
interest rate
insurer expenses
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
Insurance) With 100% Correct And
Verified Answers
What are two kinds of risk? - Correct Answer-
Speculative risk
pure risk
what type of risk is the chance of financial loss with
the possibility of gain or loss? Ex: Gambling -
Correct Answer-speculative risk
what type of risk is the chance of financial loss with
no possibility of gain. the only potential outcome is
financial loss. - Correct Answer-Pure risk
what is another work for restoring or making
financially whole? - Correct Answer-indemnify
the actual cause of a loss or the reason a loss
occurred is called? - Correct Answer-peril
conditions increase the chance of a peril is called? -
Correct Answer-hazard
what are the 3 types of hazards? and describe -
Correct Answer-Physical Hazard-arises from visible
material or structural features
Moral Hazard-arises from morality of insured
(intentional and deliberate)
Morale Hazard-arises from human carelessness,
indifference, or irresponsibility
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, what are the 4 risk management techniques?
(RRAT) - Correct Answer-Reduce
retain
avoid
transfer
what are the 6 requirements for a pure risk can be
insurable? - Correct Answer-accidental loss
financial loss
calculable loss
affordable
non-catastrophic
predictable
what is it called when you are legally binding an
individual between the insurer and the insured -
Correct Answer-insurance policy
what is the likelihood of going during a given year.
these tables predict the probability of the number
of deaths in a given year. - Correct Answer-
mortality
mortality tables assume everyone is statically dead
at one age? - Correct Answer-100
The price (cost) of insurance per unit of exposure. -
Correct Answer-rate
what are the three components of rates? - Correct
Answer-mortality
interest rate
insurer expenses
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
