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Exam (elaborations)

Fundamentals Of Insurance Chapter 1 Questions with Correct Answers 2025

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Fundamentals Of Insurance Chapter 1 Questions with Correct Answers 2025

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FUNDAMENTALS OF INSURANCE
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Institution
FUNDAMENTALS OF INSURANCE
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January 16, 2025
Number of pages
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Fundamentals Of Insurance Chapter 1
Questions with Correct Answers 2025
InsuranceGcontractsGpayGaGpremiumGtoGtheGinsuredGtoGpayGforGlossesG-GCORRECTGANSWERG-False



RiskGmeansGtheGchanceGofGfinancialGlossGtoGwhichGtheGobjectGofGinsuranceGmayGbeGexposedG-
GCORRECTGANSWERG-True




TheGprincipleGofGindemnityGallowsGinsuredsGtoGprofitGfromGtheirGlossesG-GCORRECTGANSWERG-False



TheGpurposeGofGinsuranceGisGtoGpayGforGlossesGwhichGhappenedGwithGtheGassistanceGofGtheGinsuredG-
GCORRECTGANSWERG-False




TheGinsuredGhasGtheGoptionGtoGhaveGtheGdamagedGpropertyGrepairedGinsteadGofGtakingGaGcashGsettlement
G-GCORRECTGANSWERG-False




SpreadGofGRiskG-GCORRECTGANSWERG-
InsuranceGprovidesGaGwayGinGwhichGtheGlossesGofGfewGareGsharedGamongGtheGmany.



BasisGofGCreditGSystemG-GCORRECTGANSWERG-
TheGavailabilityGofGinsuranceGtoGprotectGtheeGinvestmentGofGlendersGassistsGinGtheGgrantingGofGcredit



EliminatesGWorryG&GEncouragesGEntrepreneurshipG-GCORRECTGANSWERG-
ByGpayingGaGpremium,GmuchGofGtheGanxietyGaboutGtheGunknownGfutureGisGreduced.



LossGPreventionG&GLossGReductionG-GCORRECTGANSWERG-
TheGinsuranceGindustryGworksGhardGtoGpreventGandGreduceGlosses



SourceGofGEmploymentG&GInvestmentGCapitalG-GCORRECTGANSWERG-
CanadianGInsurersGemployGmoreGthanG100,000GPeople
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