Fundamentals of Insurance BC

What is the major function of insurance? - to allow the spread of risk What are the five important functions of insurance? - 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 indemnity can be in the form of money or repair/replacement What are the three main types...

What is the major function of insurance? - to allow the spread of risk What are the five important functions of insurance? - 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 indemnity can be in the form of money or repair/replacement What are the three main types...

FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE SPREAD OF RISK INDEMNITY - ANSWERS MEANS RESTORING THE INSUREDS TO THE SAM FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLAIM? - ANSWERS THE INSURER INSURANCE INDEMNIF...

Fundamentals of Insurance BC questions and answers graded A+ What is the major function of insurance? - ANSWERS to allow the spread of risk What are the five important functions of insurance? - ANSWERS 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 indemnity can be ...