Speculative Study guides, Class notes & Summaries
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Texas Property & Casualty Insurance License Exam With Accurate Answers 2023
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Texas Property & Casualty Insurance License Exam with Accurate Answers 2023 
 
In order to be considered legally binding, an insurance contract must include all of the following - Offer and acceptance. 
Competent parties. 
Consideration 
(The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent parties.) 
 
With respect to a bonded contractor who defaults on a construction performance contract, which of the following statements is...
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Michigan Residential Builder's License Test With Correct Solution
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What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year 
 
What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years 
 
On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address 
 
What is the cost of the individ...
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LOMA 281: Meeting Customer Needs with Insurance Annuities (A+ Guaranteed)
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Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) 
 
a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. 
 
b. both pure risks and speculative risks are insurable. 
 
c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...
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CA Life Insurance Exam Questions and Answers 100% Pass
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CA Life Insurance Exam Questions and Answers 100% Pass What is meant by referring to an insurance policy as a unilateral contract? Only one party makes a legally enforceable promise. 
When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? At all times. 
Any situation that presents the possibility of a loss is known as a loss exposure 
Which of the following information is not required to be communicated in a Life insurance contract? Personal ...
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ARM 400 Exam Questions and Answers 100% Verified
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ARM 400 Exam Questions and Answers 
100% Verified 
what two things lie at the base of every risk management concept - answerthe intersection 
of different types of risk 
a method for identifying, assessing, and treating all risks 
traditional risk assessment techniques focus on what - answerroot cause analysis - which 
identifies a loss's predominant cause 
what is wrong with Root Cause Analyses - answerit can only look backward and might not 
catch all root causes 
what are the 3 steps in how ...
Too much month left at the end of the money?
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CPCU 500 Exam Questions and Answers 2023
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Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes 
 
Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. 
 
What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome 
 
Pure Risk - Answer- a chance of loss or no loss, but no...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete Solutions
- Exam (elaborations) • 19 pages • 2023
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsCA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsAdmitted Insurance Company vs. Non-Admitted Insurance Company - 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 transa...
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Alabama Life & Health Insurance Exam Questions and answers
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Alabama Life & Health Insurance Exam 
Questions and answers 
Which of the following would be considered a speculative risk? - 
ANSWER-The possibility the painting you bought might be a long-lost 
masterpiece 
A speculative risk is one in which there is a chance for either loss or 
gain. Example: Gambling, Casino's, Lottery, etc. All of the other 
choices describe pure risk, where there is no chance of gain, only a 
chance of loss exists. 
Which is the proper term for a company owned by its poli...
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Florida 2-15 Insurance Questions And Answers
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In the insurance business, risk can best be defined as: 
 
A. sharing the possibility of a loss 
B. uncertainty regarding the future 
C. uncertainty regarding financial loss 
D. uncertainty regarding when death will occur - Answer- C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. 
 
Which of the following risks is insurable? 
 
A. pure risks 
B. gambling 
C. speculative risks 
D. investing - Answer- A....
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California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers)
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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...
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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...
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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 (...
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