C11: Principles and Practice of Insurance Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
Pure risk : Type of risk that can be insured Speculative risk : Risk example: Antoine's new barber shop Peril : Event leading to a loss Proximate cause of loss : Immediate cause of loss, e.g., malfunction leading to damage Earnings : Profit: revenue minus expenses Cost of risk 2 | P a g e : All pure risk management costs Social responsibility : Objective pre- and post-loss in risk management Indemnify : Compensate for incurred loss Premium : Insurer's financial contribution Spread risk : Volume, diversity, and location diversification Unearned premium : Unused portion of premium Inland transportation insurance : Covers land transit goods Life insurance 3 | P a g e : Covers insured's death Liability insurance : Covers losses from various liabilities Solvency : Business's financial commitment ability Office of the Superintendent of Financial Institution
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- Subido en
- 15 de abril de 2024
- Número de páginas
- 18
- Escrito en
- 2023/2024
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- Examen
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