Usaa licensing exa quest and answer | verifi Study guides, Study notes & Summaries

USAA Licensing Exam QUESTIONS AND ANSWERS | VERIFIED UPDATE Insurance - ANSWER Transfer of risk from one person or organization to an insurance company Indemnity - ANSWER The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - ANSWER Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - ANSWER Proof that someone stands to lose financially if a loss occurs; must exist at the t...