Speculative risk Study guides, Class notes & Summaries
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![Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct)](/docpics/4342270/65b40fd1622aa_4342270_121_171.jpeg)
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Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct)
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Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) 
Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) 
 
types of risk - ANSWER - Pure risk 
Speculative risk 
Subjective risk 
 
pure risk - ANSWER - Simply no loss or loss 
*insurance companies only deal with 
 
spectulative risk - ANSWER - loss or no loss or potential gain 
 
subjective risk - ANSWER - our attitudes towards risk (risk tolerance) 
*more difficult than pure and spe...
![Exam Fx Life and Health Tip Sheet Questions With Complete Solutions](/docpics/3408545/64fcdd21cc95e_3408545_121_171.jpeg)
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Exam Fx Life and Health Tip Sheet Questions With Complete Solutions
- Exam (elaborations) • 18 pages • 2023
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Perils correct answer: the cause of loss 
 
Policy Owner correct answer: the person who has the rights and privileges in the policy 
 
Risk correct answer: Uncertainty or chance of loss 
-Pure Risk(Insurable) 
-Speculative(Uninsurable) 
 
Insured correct answer: the person covered by the insurance policy 
 
insurer correct answer: a company that issues an insurance policy 
 
Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...
![RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated)](/docpics/5303179/6643d25352178_5303179_121_171.jpeg)
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RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated)
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RMI 2302 FSU NYCE EXAM 1 Questions 
And Answers (Verified And Updated) 
Risk Likelihood - answerFrequency - the probability that a loss can occur. 
What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to 
happen in most circumstances 
Medium - an even will probably happen in many circumstances 
Low - an event may occur at some point 
Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. 
Risk prevention methods are best applied to ...
![Texas Property and Casualty Exam Questions and Answers Verified 100%](/docpics/3373606/64f6cbdf8f780_3373606_121_171.jpeg)
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Texas Property and Casualty Exam Questions and Answers Verified 100%
- Exam (elaborations) • 25 pages • 2023
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Texas Property and Casualty Exam Questions and Answers Verified 100% 
 
____ is uncertainty of loss - risk 
 
____ is a transfer of risk from the insured to the insurer - insurance 
 
____ risk means there is no chance of gain. It is insurable. - pure 
 
____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative 
 
a ____ is something that increases the risk. - hazard 
 
the principle of _____ governs property and casualty policies. It states that the purpose of th...
![Webce Test Questions With 100% Correct Answers](/docpics/637b473b12059_2122982.jpg)
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Webce Test Questions With 100% Correct Answers
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Which of the following situations presents a situation of pure risk? 
 
-knowing that his family is depending on him, Frank wants to insure his life 
-wanting to increase his retirement savings, Saul invests his life savings in the stock market 
-Ralph takes a second mortgage on his house and uses the proceeds to gamble 
-wanting better job security, Ron cashes in his life insurance to start his own business Correct Answer knowing that his family is depending on him, Frank wants to insure his ow...
![A.R.M. 400 Exam test bank correctly answered 2023](/docpics/640c955fc6b86_2461153.jpg)
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A.R.M. 400 Exam test bank correctly answered 2023
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A.R.M. 400 Exam test bank correctly answered 2023When 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 
D 
 
 
 
Which of the following risk management program goals is an essential goal for all ...
![Webce Insurance test questions and answers with complete Solution](/docpics/63779f5d6b5fc_2116406.jpg)
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Webce Insurance test questions and answers with complete Solution
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Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 
 
20 
30 
10 
45 - ANSWER 10 days 
 
Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? 
 
 She must move to Pennsylvania. 
 She must surrende...
![Webce Insurance test questions and Answers 2023 with complete Solution.](/docpics/642c957d1dc06_2554145.jpg)
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Webce Insurance test questions and Answers 2023 with complete Solution.
- Exam (elaborations) • 53 pages • 2023
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Webce Insurance test questions and Answers 2023 with complete Solution. 
Agent Thompson received a letter from the Department of Insurance asking her to 
provide proof of completing the continuing education requirements. Within how many 
days must Agent Thompson respond to the Department's inquiry? 
20 
30 
10 
45 - ANSWER 10 days 
Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply 
for a nonresident license in Pennsylvania. Which of the following conditions ...
![A.R.M. 400 Exam Practice Exam 2023 With Correct Answers…](/docpics/3853365/65573b56433c5_3853365_121_171.jpeg)
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A.R.M. 400 Exam Practice Exam 2023 With Correct Answers…
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A.R.M. 400 Exam Practice Exam 2023 With Correct Answers… 
 
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 
D 
Which of the following risk management program goals is an essential goal f...
![Louisiana Life, Health, and Accident Insurance Licensing Exam questions and 100% correct answers](/docpics/3086874/64b6e80d1624a_3086874_121_171.jpeg)
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Louisiana Life, Health, and Accident Insurance Licensing Exam questions and 100% correct answers
- Exam (elaborations) • 27 pages • 2023
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Insurance - correct answer the transfer of Pure risk to the insurance company in consideration for a premium 
 
must be pure risk and calculable. 
 
Pure Risk - correct answer the chance of loss without any chance of gain; insurable 
 
Speculative Risk - correct answer possibility for gain or loss; not insurable 
 
Risk - correct answer Chance of loss 
 
Exposure - correct answer a condition that could result in loss 
 
hazard - correct answer something that increases the chance of loss 
 ...
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