Speculative risk Study guides, Class notes & Summaries
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![California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers)](/docpics/3161849/64c7dbf1533a7_3161849_121_171.jpeg)
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California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers)
- Exam (elaborations) • 34 pages • 2023
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California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers) 
Admitted Insurance Company vs. Non-Admitted Insurance Company - (Correct Answer) An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) 
 
A non-admitted insurance company is not authorized to transact insurance in California because of fa...
![Washington Life/Health Insurance Exam | 303 Questions and Answers(A+ Solution guide)](/docpics/3209636/64d1b91d14487_3209636_121_171.jpeg)
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Washington Life/Health Insurance Exam | 303 Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 37 pages • 2023
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policy owner - usually, but not always the person covered by the policy 
beneficiary - the person who is paid when a claim 
is submitted 
agent/producer - acts as a legal representative 
of the insurance company 
broker - representative of the Insured, not the insurance company 
risk - The chance or uncertainty of loss 
Pure risk - the chance of experiencing a loss (without the possibility of gain). Only downside, no 
upside. 
Speculative risk - s the chance of loss one accepts in the hope of re...
![CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024](/docpics/3226246/64d4f5dc2a11b_3226246_121_171.jpeg)
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024
- Exam (elaborations) • 22 pages • 2023
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 
CA PSI Site - Life, Accident and Health 
Agent Examination (Life Agent)| Questions 
and Answers, 100% Correct| Latest 
2023/2024 
Admitted Insurance Company vs. Non-Admitted Insurance Company 
An admitted insurance company is authorized to transact insurance in California 
because it has a Certificate of Authority granted by the California Department of 
Insurance (...
![CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions with 100 % correct Answers | Verified](/docpics/2926764/6490b2390048d_2926764_121_171.jpeg)
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions with 100 % correct Answers | Verified
- Exam (elaborations) • 8 pages • 2023
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Admitted Insurance Company vs. Non-Admitted Insurance Company - An admitted insurance 
company is authorized to transact insurance in California because it has a Certificate of Authority 
granted by the California Department of Insurance (CDI) 
A non-admitted insurance company is not authorized to transact insurance in California because of 
failing to comply with California requirements or did not seek admission 
Pure Risk vs. Speculative Risk - Pure risks are insurable but Speculative risks ar...
![CRM Principles of Risk Management Exam Questions and Answers (2024 / 2025) (Verified Answers)](/docpics/5211381/66393e8d2d7c7_5211381_121_171.jpeg)
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CRM Principles of Risk Management Exam Questions and Answers (2024 / 2025) (Verified Answers)
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1.	Explain the impacts of an effective Risk Management program on an orga- nization (6): 1. protects organization's reputation/brand 
2.	Increases profitability 
3.	Raises awareness of risk management 
4.	supports managerial objective 
5.	Improves morale and productivity 
6.	Improves quality, process and technology 
2.	Define Traditional Risk Management (TRM).: a functional, siloed, view of risk affecting one or more areas of the organization (focuses on pure risk) 
3.	Define Enterprise Risk Ma...
![FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES)](/docpics/4114862/65918a359a3d4_4114862_121_171.jpeg)
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FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES)
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FLORIDA INSURANCE 2-14 EXAM 
TERMS QUESTIONS AND ANSWERS 
(100% SCORES) 
Insurance - CORRECT ANSWER-Financial protection against loss or harm - An 
arrangement by which company gives customers financial protection against loss or 
harm such as theft or illness in return for premium payments. 
Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles 
and guarantees a specified sum of money upon the death of the person who is insured. 
Annuities - CORRECT ANSWER-Provid...
![Michigan Property & Casualty Exam 2023/2024 with Complete Solutions](/docpics/3099838/64b966eec499e_3099838_121_171.jpeg)
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Michigan Property & Casualty Exam 2023/2024 with Complete Solutions
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Indemnity - ANSWER-a payment for damages or loss 
 
Risk - ANSWER-Uncertainty or chance of loss occurring 
 
Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain 
 
Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) 
 
Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. 
 
Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. 
 
Peril ...
![A.R.M. 400 Exam Practice Correct 100%](/docpics/3283724/64e3012cce902_3283724_121_171.jpeg)
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A.R.M. 400 Exam Practice Correct 100%
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When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? 
A. Seek feedback from stakeholders 
B. Stay focused on the organization's objectives 
C. Define the organization's risk appetite 
D. Enhance stakeholders' confidence in the process - ANSWERSD 
 
Which of the following risk management program goals is an essential goal for all public entities? 
A. Earning stability 
B. Co...
![CPCU 500 Exam Questions- Managing Evolving Risks with correct Answers](/docpics/642049d6a5fc0_2517846.jpg)
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CPCU 500 Exam Questions- Managing Evolving Risks with correct Answers
- Exam (elaborations) • 36 pages • 2023
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Drones may be equipped with cameras that relay data in real-time 
 
Which one of the following uses infrared light to detect nearby objects? - Answer- Lidar 
 
AMRM Insurance Company sells insurance in Virginia, North Carolina, South Carolina, and Georgia. The company has compiled a policyowner data base that can be used to send text messages when hurricanes approach. The company provides early warnings, storm updates from the National Weather Service, and hurricane safety measures. The company ...
![Oklahoma Property and Casualty Insurance Exam 2023 with 100% correct answers](/docpics/3370073/64f60cae65b65_3370073_121_171.jpeg)
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Oklahoma Property and Casualty Insurance Exam 2023 with 100% correct answers
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Risk - correct answerThe chance or uncertainty of loss. 
 
Methods of Managing Risk - correct answer1. Avoid risk 
2. Control risk 
3. Retain a risk 
4. Transfer a risk 
 
Avoid Risk - correct answerNever get into a car. 
 
Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. 
 
Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. 
 
Transfer a Risk - correct answerUse a Hold Harmless Agreem...
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