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LOMA 281 Exam Practice Questions and Answers | 100% Correct

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LOMA 281 Exam Practice Questions and Answers | 100% Correct What are speculative risks? - Answer️️ -Risks that involve three outcomes: loss, gain, or no change What are pure risks? - Answer️️ -Risks that involve no possibility of gain What risks are insurable? - Answer️️ -Only pure...

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  • September 15, 2024
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  • Exam (elaborations)
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  • LOMA 281
  • LOMA 281
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LOMA 281 Exam Practice Questions and
Answers | 100% Correct


What are speculative risks? - Answer✔️✔️-Risks that involve three outcomes: loss, gain,

or no change


What are pure risks? - Answer✔️✔️-Risks that involve no possibility of gain

What risks are insurable? - Answer✔️✔️-Only pure risks



Speculative risks involve the possibility of gain so they cannot be insured

What is a retention limit? - Answer✔️✔️-The maximum amount of risk the insurer is

willing to carry at its own risk

What is a commutative contract? - Answer✔️✔️-The parties agree to exchange specified

items or services that are equal in value

What is an aleatory contract? - Answer✔️✔️-One party exchanges something of value for

the other party's conditional promise

Is a life insurance policy a commutative or aleatory contract? - Answer✔️✔️-Aleatory

Are life insurance contracts bargaining contracts? - Answer✔️✔️-No, they are contracts of

adhesion. The insurance company sets the terms and the applicant can either accept or

reject

Are insurance contracts formal or informal? - Answer✔️✔️-Informal



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