Fundamentals of Insurance Study guides, Class notes & Summaries

Fundamentals of Insurance BC Questions and Correct Solutions 2024 What is the major function of insurance? - Answer -to allow the spread of risk What are the five important functions of insurance? - Answer -1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount of payment is restricted to the amount required to indemnify the insured 4) insurance covers losses the object may be exposed to 5) the indemn...

Fundamentals of Insurance FINAL Questions and Correct Solutions 2024 Chapter 1 - Answer -Introduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - Answer -the major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - Answer -1. spread of risk (major function) 2. basis of credit system 3. eliminates worry and encourages entrepreneurship 4. loss ...

Fundamentals Of Insurance (BC) Questions and Correct Solutions 2024 Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - Answer -C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick th...

Fundamentals of Insurance - Licensing Practice Exam 2 Correctly Answered 2024 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - Answer -a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to recover payments made under the p...

Fundamentals of Insurance - Practice Exam Questions and Correct Solutions 2024 The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - Answer -b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - Answer -...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3 types of ...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3 types of ...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3 types of ...

FUNDAMENTALS OF INSURANCE - LICENSING EXAM 2 2024| ACTUAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS| GRADED A+ 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - correct answer a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to...

FUNDAMENTALS OF INSURANCE - LICENSING EXAM 2 2024| ACTUAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS| GRADED A+ 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - correct answer a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to...