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Exam (elaborations)
Wisconsin Insurance EXAM 2025 TEST COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS
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---7May 20252024/2025A+
- Risk - -Not Knowing what will happen in the future and the possibility the outcome will 
be negative 
Defined As: 
Chance of Loss 
Possibility of Loss 
Uncertainty of Loss 
Types of Loss - - 
1. Financial -Loss of house to loss of life 
2. Non-Financial -Loss of Friendship 
Speculative Risk - -I win or I lose 
Pure Risk - -I lose or I do not lose 
Peril - -The actual cause of a loss 
Natural, Human, Economical, etc 
Hazard - -Situations or factors that may increase the possibility ...
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