STATE FARM INSURANCE TEST GRADED A+ 2023

STATE FARM INSURANCE TEST GRADED A+ 2023 What transfers the risk of loss from an individual or business entity to an insurance company - ANS Insurance The uncertainty of a risk or loss occurring - ANS risk A risk that can only result in a loss or no change with no opportunity for financial gain - ANS pure risk A risk that allows an opportunity for loss or gain (such as gambling) - ANS speculative risk CONDITIONS or SITUATIONS that increase the chance of a loss occurring (such as lifestyle, health conditions, scuba diving, sky diving) - ANS hazards The CAUSES of loss...(like fire, explosion, windstorm, flood, theft, collision) - ANS perils insurance for an untimely death (died from heart attack) - ANS life insurance insurance for sickness or accidental injury (got cancer or broken bones) - ANS health insurance insurance for the loss of physical property (wind storm damaged the house) - ANS property insurance insurance for the loss or damage of property and resulting liabilities (guy fell off the ladder while working on the roof) - ANS casualty insurance