Property/Casualty Illinois for State Exam Latest Update Graded A+

Property/Casualty Illinois for State Exam Latest Update Graded A+ ISO (Insurance Services Office) ISO creates standardized property and casualty insurance policies that are approved by states and used as a standard policy for insurers. -they can be modified to comply with state regulations -may be modified to a degree for insurance companies to create their own policy form define insurance Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals define risk uncertainty concerning the occurrence of a loss What are the 2 types of risk? Pure and Speculative What is the difference between pure and speculative risk? only pure risk is insurable since it can only result in a loss or no change