PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE
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Course
PROPERTY AND CASUALTY INSURANCE
Institution
PROPERTY AND CASUALTY INSURANCE
Insurance
-:- Transferring risk or loss to an insurance company
Law of Large Numbers
-:- Sharing risk between a large pool of people
Statistical Prediction
-:- Using past losses to predict future losses
Insurable Interest
-:- Having a financial stake in the insured property
Elements of ...
✓ -:- Risk that includes the opportunity for gain or loss
Perils
✓ -:- Causes of loss covered by insurance
Hazards
✓ -:- Circumstances that increase the likelihood of loss
Physical Hazards
✓ -:- Hazards related to the physical characteristics of a risk
Moral Hazards
✓ -:- Hazards related to dishonesty or fraud
Morale Hazards
✓ -:- Hazards related to indifference or carelessness due to insurance
coverage
2|P a g e | G r a d e A + | 2 0 2 0 2 5
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