Main purpose of Insurance - Allow the spread of risk

Definition of Insurance - -Payment's made only when a certain peril has damaged

the insured object

-Payment's limited to actual amount of loss, no more and no less

-There's no payment for losses that are deliberately caused by an insured.

Five important points to the definition of insurance: - -Spread of Risk

-Basis of Credit System

-Eliminates Worry/Encourages Entrepreneurship

-Loss Prevention and Loss Reduction

-Source of Employm...
RECF Fundamentals Study Guide | 100% Correct Answers | Verified | Latest 2024 Version
VA Contractors: VA Advanced (Class A) 2024 Questions with 100% Correct Answers
MERA Customer Service | 100 Questions with 100% Correct Answers | 2022
NASLCA Virginia Exam Practice | Answered Correctly | Latest Version 2024
Contractors License VA PART 2024 Questions & Answers (Verified)