Wisconsin Insurance Exam Questions and Answers 100% Solved | Rated A+

Wisconsin Insurance Exam Questions

and Answers 100% Solved | Rated A+


Risk - ✔✔Not Knowing what will happen in the future and the possibility the

outcome will be negative



Defined As:



Chance of Loss

Possibility of Loss

Uncertainty of Loss

Types of Loss - ✔✔1. Financial

-Loss of house to loss of life

2. Non-Financial

-Loss of Friendship

Speculative Risk - ✔✔I win or I lose

Pure Risk - ✔✔I lose or I do not lose

Peril - ✔✔The actual cause of a loss

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, Natural, Human, Economical, etc

Hazard - ✔✔Situations or factors that may increase the possibility of a loss



Common Types:

Physical - Bad Breaks, ice on sidewalk

Moral - Dishonest Tendencies

Morale - Having a careless attitude because of coverage

Legal - Federal and/or state regulations must be followed

The process of risk management - ✔✔1. Identify the Objectives

2. Identify the Risks

3. Evaluate the Risks

How to deal with risk - ✔✔Avoid (Don;t fly, hang glide, mountain climb etc)

Retain (Self insure)

Transfer (Social vehicle for insurance)

Share (incorporate or add a partner)

Reduce (install fire alarms, stop smoking, etc)

Rules of Risk Management - ✔✔1. Don't Risk more than you can afford to

lose


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