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FUNDAMENTALS OF INSURANCE BUNDLED EXAM!!!
Fundamentals of Insurance Chapter 3;Practice Exam;FINAL (End of Chapter Self-Examination Questions & Study Checklist);Planning Practice Exam;Practice Exam 2: : Level 1;Chapter 1 Intro;
[Montrer plus]Fundamentals of Insurance Chapter 3;Practice Exam;FINAL (End of Chapter Self-Examination Questions & Study Checklist);Planning Practice Exam;Practice Exam 2: : Level 1;Chapter 1 Intro;
[Montrer plus]The major function of insurance is: 
 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - ANSWER-b. To share the losses of the few among the many 
 
A peril if best defi...
Aperçu 3 sur 21 pages
Ajouter au panierThe major function of insurance is: 
 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - ANSWER-b. To share the losses of the few among the many 
 
A peril if best defi...
Main purpose of Insurance - ANSWER-Allow the spread of risk 
 
Definition of Insurance - ANSWER--Payment's made only when a certain peril has damaged the insured object 
-Payment's limited to actual amount of loss, no more and no less 
-There's no payment for losses that are deliberately caused b...
Aperçu 3 sur 24 pages
Ajouter au panierMain purpose of Insurance - ANSWER-Allow the spread of risk 
 
Definition of Insurance - ANSWER--Payment's made only when a certain peril has damaged the insured object 
-Payment's limited to actual amount of loss, no more and no less 
-There's no payment for losses that are deliberately caused b...
Fundamentals Of Insurance (BC) Exam Questions & Answers (GRADED A+) 
Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: 
 
 A. Enable the consumer to obtain loan or mortgage. 
 B. Provide employment and investment capital. 
 C. Allow spread of risk. 
 ...
Aperçu 3 sur 28 pages
Ajouter au panierFundamentals Of Insurance (BC) Exam Questions & Answers (GRADED A+) 
Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: 
 
 A. Enable the consumer to obtain loan or mortgage. 
 B. Provide employment and investment capital. 
 C. Allow spread of risk. 
 ...
Fundamentals of Insurance - Chapter 1- 2 Practice Questions & Answers 100% Correct!!Three Main Categories Of Risk - ANSWER-1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What is "Spread of Risk"? - ANSWER-Insurance provides a mechanism in which the losses of few are shared among many 
 
Pr...
Aperçu 2 sur 5 pages
Ajouter au panierFundamentals of Insurance - Chapter 1- 2 Practice Questions & Answers 100% Correct!!Three Main Categories Of Risk - ANSWER-1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What is "Spread of Risk"? - ANSWER-Insurance provides a mechanism in which the losses of few are shared among many 
 
Pr...
List the 5 functions of insurance: - ANSWER-1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - ANSWER-1) insurance provides a mea...
Aperçu 2 sur 5 pages
Ajouter au panierList the 5 functions of insurance: - ANSWER-1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - ANSWER-1) insurance provides a mea...
List the 5 functions of insurance: - ANSWER-1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - ANSWER-1) insurance provides a mea...
Aperçu 4 sur 36 pages
Ajouter au panierList the 5 functions of insurance: - ANSWER-1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - ANSWER-1) insurance provides a mea...
Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - ANSWER-True. 
 
Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provid...
Aperçu 2 sur 7 pages
Ajouter au panierProbably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - ANSWER-True. 
 
Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provid...
The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - ANSWER-To share the losses of a few among the many 
 
An analysis of the definition of insurance reveals five important points. Identify these five important points - ANSWER-- Shifting one'...
Aperçu 1 sur 2 pages
Ajouter au panierThe major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - ANSWER-To share the losses of a few among the many 
 
An analysis of the definition of insurance reveals five important points. Identify these five important points - ANSWER-- Shifting one'...
A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: 
 
a. 7,000 
b. 12,000 
c. 30,000 
d. 37,5000 - ANSWER-c. 30,000 
 
The reinstatement clause...
Aperçu 2 sur 13 pages
Ajouter au panierA building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: 
 
a. 7,000 
b. 12,000 
c. 30,000 
d. 37,5000 - ANSWER-c. 30,000 
 
The reinstatement clause...
A loss exposure is defined as: 
(A) a loss that might occur 
(B) an undesirable end result of a risk 
(C) the largest possible loss 
(D) the probability of a loss - ANSWER-The answer is (A) by definition 
 
Which of the following statements concerning the beneficiary provisions in a life insurance p...
Aperçu 4 sur 42 pages
Ajouter au panierA loss exposure is defined as: 
(A) a loss that might occur 
(B) an undesirable end result of a risk 
(C) the largest possible loss 
(D) the probability of a loss - ANSWER-The answer is (A) by definition 
 
Which of the following statements concerning the beneficiary provisions in a life insurance p...
Three Main Categories Of Risk - ANSWER-1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What are the FIVE elements of a contract? 
 
A) Agreement, Risk, Loss, Consideration, Legality 
 
B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention 
 
C) Agreement, Legal Ca...
Aperçu 3 sur 20 pages
Ajouter au panierThree Main Categories Of Risk - ANSWER-1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What are the FIVE elements of a contract? 
 
A) Agreement, Risk, Loss, Consideration, Legality 
 
B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention 
 
C) Agreement, Legal Ca...
Fundamentals of Insurance FINAL (End of Chapter Self-Examination Questions & Study Checklist) with Complete SolutionsChapter 1-Introduction to General Insurance 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - ANSWER-the major function of ...
Aperçu 3 sur 24 pages
Ajouter au panierFundamentals of Insurance FINAL (End of Chapter Self-Examination Questions & Study Checklist) with Complete SolutionsChapter 1-Introduction to General Insurance 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - ANSWER-the major function of ...
The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? 
a) Personal Property- 100% of Covera...
Aperçu 3 sur 20 pages
Ajouter au panierThe coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? 
a) Personal Property- 100% of Covera...
Insurance - ANSWER-assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence 
 
Peril - ANSWER-the cause of a financial loss (ie. fire, water, earthquake) 
 
Risk - ANSWER-the chance of financial loss 
 
Purpose of insurance - ANSWER-to allow ...
Aperçu 3 sur 17 pages
Ajouter au panierInsurance - ANSWER-assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence 
 
Peril - ANSWER-the cause of a financial loss (ie. fire, water, earthquake) 
 
Risk - ANSWER-the chance of financial loss 
 
Purpose of insurance - ANSWER-to allow ...
What is the role of the federal Government when insurers receive federal licensing? - ANWER-Licensing provided only to companies that can meet strict financial standards. Established by the office of the Superintendent of Financial Institutions (OSFI). Insurers are monitored on an ongoing basis. 
 
...
Aperçu 2 sur 5 pages
Ajouter au panierWhat is the role of the federal Government when insurers receive federal licensing? - ANWER-Licensing provided only to companies that can meet strict financial standards. Established by the office of the Superintendent of Financial Institutions (OSFI). Insurers are monitored on an ongoing basis. 
 
...
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