Fundamentals of Insurance Bundled Exams with complete solutions

Three Main Categories Of Risk - 1) Personal Risk 2)Property Risk 3)Liability Risk What is "Spread of Risk"? - Insurance provides a mechanism in which the losses of few are shared among many Property and Casualty Insurance includes...(3 types of insurance) - 1) Automobile Insurance 2) Propert...

What is the major function of insurance? - to allow the spread of risk What are the five important functions of insurance? - 1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount of payment is restricted to ...

Chapter 1 - Intro List the 5 functions of insurance: - 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 (3 parts) - 1) insurance provides a ...

The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - To share the losses of a few among the many An analysis of the definition of insurance reveals five important points. Identify these five important points - - Shifting one's financial re...

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. F...

nsurance 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. - Answer C. All...

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 - Answer b. To share the losses of the few among the many A peril if best defined...