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Fundamentals Of Insurance - Practice Exam With 100% Correct Answers 2024 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...

Insurance Fundamentals Level 1 Exam with 100% Correct Answers 2024 Insurance - answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - answerthe cause of a financial loss (ie. fire, water, earthquake) Risk - answerthe chan...

Fundamentals Of Insurance - Practice Exam 12 with 100% Correct Answers 2024 A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7,000 b...

Fundamentals Of Insurance Exam Questions With 100% Correct Answers 2024 risk - answeris the chance of financial loss peril - answeris the caise of financial loss for example- fire water and earthquake what is the main purpose of insurance - answeris to allow the spread of risk indemnity - answe...

Fundamentals Of Insurance - Practice Questions With 100% Correct Answers 2024 Three Main Categories Of Risk - answer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Obje...

Fundamentals Of Insurance - Chapter Practice Questions With 100% Correct Answers 2024 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 s...