Exam (elaborations)
PROPERTY AND CASUALTY CHAPTER 1 WITH ANSWERS
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PROPERTY AND CASUALTY CHAPTER 1 WITH ANSWERS
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PROPERTY AND CASUALTY CHAPTER1 WITH ANSWERS
A chance or uncertainty of loss is called ___? ANSWER Risk
Gambling is an example of ____. ANSWER Speculative risk
Insurance will only cover ____ risks. ANSWER Pure
The transfer of risk from an individual or business to a
professional risk taking company is called ____. ANSWER
Insurance
Loss is defined as _____ hurt. ANSWER Financial
Having your car stolen is an example of a ____ loss, whereas
not having the use of your stolen car would be referred to as an
_____ or consequential loss. ANSWER Direct and Indirect
Insurance that covers your stuff is called ____ insurance.
ANSWER Property
Insurance that protects you when your stuff gets you in trouble
with The Other Guy is called ____ or _____ insurance.
ANSWER liability or casualty
Property insurance policies are ____ party contracts, whereas
liability policies are ____ party contracts. ANSWER Two party
contracts, Third party contracts
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