Exam (elaborations)
WEBCE PROPERTY & CASUALTY PREP EXAM WITH THE CORRECT ANSWERS UPDATED.
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WEBCE PROPERTY & CASUALTY PREP EXAM WITH THE CORRECT ANSWERS UPDATED.
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WEBCE PROPERTY & CASUALTYPREP EXAM WITH THE CORRECT
ANSWERS UPDATED
Risk b- bcorrect banswer-Chance bof bloss
5 bRisk bor bLoss bFactors b- bcorrect banswer-1. bRisk b2. bLoss b3. bExposure b4. bPeril
b5. bHazard
Insurance ballows: b- bcorrect banswer-Individual bor bgroup bto btransfer bover bto
binsurance bcompany bthe brisk bof bfinancial bloss bfrom ba bdestructive bevent
Fundamental bpurpose bof binsurance bis: b- bcorrect banswer-To bindemnify
bpolicyholder bagainst bcovered blosses bor brestore bpolicyholder bback bto bsame
bfinancial bposition bthey bwere bin bbefore
Insurance bcompanies bmay bused bterm brisks bto brefer bto binsured: b- bcorrect
banswer-1. bPerson b2. bProperty b3. bActivity
Loss b- bcorrect banswer-Unplanned bor bunwelcome breduction bin beconomic bvalue
What bis bDirect band bIndirect bloss b- bcorrect banswer-1. bDirect bloss b- bimmediate
bresult bof band bevent bcaused bby ba bcovered bperil b2. bIndirect bloss b- bremote
bresult bof ban bevent bcaused bby bcovered bperil
Exposure b- bcorrect banswer-State bof bbeing bsubject bto ba bpossible bloss
Insurer bmeasures bexposure bby b- bcorrect banswer-Units bto bthe bperson, bproperty
bor bevent b(more bexposure bunits, bthe bgreater bthe bpremium)
Exposure bis balso breferred bto bas: b- bcorrect banswer-Total brisk ban binsurer bfaces
bwith binsured
Peril b- bcorrect banswer-The bdestructive bevent bthat binsurance bguards bagainst
6 btypes bof bperil b- bcorrect banswer-1. bFire b2. bExplosion b3. bWindstorm b4. bFlood
b5.Theft b6. bCollision
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