Property and Casualty insurance exam Correct 100%(scored A)

Insurance - ANSWERSThe transfer of risk through a legal contract Property - ANSWERSCovers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - ANSWERScovers non-property losses (3rd Party) Personal lines - ANSWERSInsurance for families and individuals Commercial Lines - ANSWERSInsurance for Business Risk - ANSWERSUncertainty of financial loss Pure Risk - ANSWERSChance of loss only (insurance only covers) Speculative Risk - ANSWERSChance of loss or gain law of large numbers - ANSWERSas the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group Perils - ANSWERScauses a loss Named Peril - ANSWERSlists the perils that are covered open peril - ANSWERScover all perils except those specifically excluded by the policy hazard - ANSWERSAre not causes of loss but are things that increase the chance of a peril happening. Physical Hazard - ANSWERSsomething you can physically look at M