Wisconsin Insurance Exam Questions and Correct Answers | Latest Update
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Course
Wisconsin Insurance
Institution
Wisconsin Insurance
Risk
-:- Not Knowing what will happen in the future and the possibility the
outcome will be negative
Defined As:
Chance of Loss
Possibility of Loss
Uncertainty of Loss
Types of Loss
-:- 1. Financial
-Loss of house to loss of life
2. Non-Financial
-Loss of Friendship
Speculative 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)
Rules of Risk Management
✓ -:- 1. Don't Risk more than you can afford to lose
2. Consider the odds
3. Don't risk a lot for a little
4. Priority for purchasing insurance
3 | P a g e | G r a d e A + | 2 0 0 2 5
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