C16 The Business of Insurance - Study guides, Class notes & Summaries
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Exam (elaborations)
C16 THE BUSINESS OF INSURANCE EXAM NEWEST 2024-2025 QUESTIONS AND CORRECT ANSWERS
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---31February 20252024/2025A+
- C16 THE BUSINESS OF INSURANCE EXAM NEWEST 
QUESTIONS AND CORRECT ANSWERS 
List the two fundamental principles of insurance. - CORRECT ANSWER1. The 
premiums of the many are used to pay the losses of the few. 
2. The premiums shall be commensurate with the risk. -Insurance fulfils a societal need -Provides consumers with financial security for particular types of accidental losses. Also 
underpins the economy facilitating economic growth and societal development -Insurance is the promise t...
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STANGRADES
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Exam (elaborations)
C16 The Business of Insurance 98 Questions And Answers
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---33April 20242023/2024A+
- List the two fundamental principles of insurance. - ️️1. The premiums of the many are used to pay the losses of the few. 
 
2. The premiums shall be commensurate with the risk. 
 
-Insurance fulfils a societal need 
-Provides consumers with financial security for particular types of accidental losses. Also underpins the economy facilitating economic growth and societal development 
-Insurance is the promise to indemnify another person against the possibility of a loss 
-Significant claim is ...
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