Property And Casualty Chapter 1 Exam With Correct Solutions

Property And Casualty Chapter 1 Exam With Correct Solutions A chance or uncertainty of loss is called ___? - correct answer.Risk Gambling is an example of ____. - correct answer.Speculative risk Insurance will only cover ____ risks. - correct answer.Pure The transfer of risk from an individual or business to a professional risk taking company is called ____. - correct answer.Insurance Loss is defined as _____ hurt. - correct answer.Financial Having your car stolen is an example of a ____ loss, whereas not having the use of your stolen car would be referred to as an _____ or consequential loss. - correct answer.Direct and Indirect Insurance that covers your stuff is called ____ insurance. - correct answer.Property Insurance that protects you when your stuff gets you in trouble with The Other Guy is called ____ or _____ insurance. - correct lity or casualty Property insurance policies are ____ party contracts, whereas liability policies are ____ party contracts. - correct answer.Two party contracts, Third party contracts In insurance lingo, if you have a financial interest in a piece of property, you are said to have an _____. - correct answer.Insurable interest When an insurance company pays a policy owner on a claim, the company is said to have _____ the insured. - correct answer.Indemnified