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Wisconsin Insurance Exam Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Wisconsin Insurance Exam Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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By: agentsmorgan • 3 weeks ago
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Wisconsin Insurance Exam.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Insurance%20EWisconsin Insurance Exam
1. Risk: Not Knowing what will happen in the future and the possibility the outcomewill be
negative
Defined As:
Chance of Loss
Possibility of Loss
Uncertainty of Loss
2. Types of Loss: 1. Financial
-Loss of house to loss of life
2. Non-Financial
-Loss of Friendship
3. Speculative Risk: I win or I lose
4. Pure Risk: I lose or I do not lose
5. Peril: The actual cause of a loss
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Natural, Human, Economical, etc
6. Hazard: Situations or factors that may increase the possibility of a loss
Common Types:
Physical - Bad Breaks, ice on sidewalkMoral -
Dishonest Tendencies
Morale - Having a careless attitude because of coverageLegal -
Federal and/or state regulations must be followed
7. The process of risk management: 1. Identify the Objectives
2. Identify the Risks
3. Evaluate the Risks
8. How to deal with risk: Avoid (Don;t fly, hang glide, mountain climb etc)Retain
(Self insure)
Transfer (Social vehicle for insurance)Share
(incorporate or add a partner)
Reduce (install fire alarms, stop smoking, etc)
9. Rules of Risk Management: 1. Don't Risk more than you can afford to lose
2. Consider the odds
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3. Don't risk a lot for a little
4. Priority for purchasing insurance
10. Pooling: Spread of risk
11. Law of Large numbers: Allows for predictability of risk
12. Assessable Policy: Policyholder takes risk of loss
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