Level 1 Insurance Fundamentals Exam questions and 100% correct answers Fundamentals of Insurance - Practice Exam 2023 questions and complete correct answers
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The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - correct answer b. To share the losses of the few among the many A peril if b...
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Add to cartThe major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - correct answer b. To share the losses of the few among the many A peril if b...
Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - correc...
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Add to cartInsurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - correc...
Main purpose of Insurance - correct answer Allow the spread of risk Definition of Insurance - correct answer -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 delib...
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Add to cartMain purpose of Insurance - correct answer Allow the spread of risk Definition of Insurance - correct answer -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 delib...
Chapter 1 - Intro - correct answer List the 5 functions of insurance: - correct answer 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance...
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Add to cartChapter 1 - Intro - correct answer List the 5 functions of insurance: - correct answer 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance...
Chapter 1 - Intro - correct answer List the 5 functions of insurance: - correct answer 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance...
Preview 4 out of 48 pages
Add to cartChapter 1 - Intro - correct answer List the 5 functions of insurance: - correct answer 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance...
Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - correct answer True. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance i...
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Add to cartProbably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - correct answer True. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance i...
A loss exposure is defined as: (A) a loss that might occur (B) an undesirable end result of a risk (C) the largest possible loss (D) the probability of a loss - correct answer The answer is (A) by definition Which of the following statements concerning the beneficiary provisions in a life ins...
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Add to cartA loss exposure is defined as: (A) a loss that might occur (B) an undesirable end result of a risk (C) the largest possible loss (D) the probability of a loss - correct answer The answer is (A) by definition Which of the following statements concerning the beneficiary provisions in a life ins...
Insurance - correct answer assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - correct answer the cause of a financial loss (ie. fire, water, earthquake) Risk - correct answer the chance of financial loss Purpose of insu...
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Add to cartInsurance - correct answer assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - correct answer the cause of a financial loss (ie. fire, water, earthquake) Risk - correct answer the chance of financial loss Purpose of insu...
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