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Idaho Insurance Licensing Property and Causualty 131 Questions and Answers (Latest Update 2024)
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Idaho Insurance Licensing Property and Causualty 131 Questions and Answers (Latest Update 2024)
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Idaho Insurance Licensing Property andCausualty 131 Questions and Answers
(Latest Update 2024)
Insurance - CORRECT ANSWERS Is a contract win which one party agrees to
indemnify the insured party against loss,damage, or liabilty.
Insurance Transfers - CORRECT ANSWERS The risk of loss from an individual
or business entity to an insurance company which in turn spreads the costs of
unexpected losses to many individuals.
Insurance Transaction - CORRECT ANSWERS Includes solicitation,
negotiations, sale, and advising etc
Risk - CORRECT ANSWERS the uncertainty or chance of loss
Pure risk - CORRECT ANSWERS Refers to situations that can only result in a
loss or no change. Always accepting in companies.
Speculative Risk - CORRECT ANSWERS involves the opportunity for either
loss or gain. Not Insurable.
Hazard - CORRECT ANSWERS are conditions or situations that increase the
probability of an insured loss occurring.
Physical Hazard - CORRECT ANSWERS Are individual characteristics that
increase the chances of the cause of loss. Exist because of physical conditions like
medical history, birth conditions, or blindness
Moral Hazard - CORRECT ANSWERS Tendencies towards increased risks
based on character and reputation. Refers to applicants who lie on applications or
have fraudulent insurance claims
Morale Hazard - CORRECT ANSWERS Hazard arising out of an insured's
indifference to loss because of the existence of insurance.
, Idaho Insurance Licensing Property and
Causualty 131 Questions and Answers
(Latest Update 2024)
Perils - CORRECT ANSWERS are the causes of loss insured against in an
insurance policy.
Loss - CORRECT ANSWERS Is defined as the reduction, decrease, or
disappearance of value of the person or property. Insured in a policy, caused by a
named peril.
Sharing - CORRECT ANSWERS Is a method of dealing with risk for a group of
individual persons or businesses with the same or similar exposure to loss to share
the losses that occur within each group
transfer - CORRECT ANSWERS Most effective way to handle risk so loss is
borne by another party
Avoidance - CORRECT ANSWERS Eliminating exposure to a loss
Retention - CORRECT ANSWERS Planned assumption of risk by an insured
through deductibles, co-pays, or self insurance. Accepting responsibility before
insurance company pays
Reduction - CORRECT ANSWERS Attempt to lessen the possibility of severity
of a loss. Examples installing smoke detectors or having an annual physical
Who is an Agent/Producer - CORRECT ANSWERS Is an individual licensed to
sell,solicit, or negotiate insurance contracts on behalf of the principal (insurer).
Law of Agency - CORRECT ANSWERS Defines relationship between the
principal and the agent/producer: the acts of the agent/producer within the scope of
authority are deemed to be the acts of the insurer
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