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WebCE Property & Casualty Prep Exam with correct answers
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WebCE Property & Casualty Prep Exam with correct answers
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WebCE Property & Casualty Prep Examwith correct answers
Risk - .......ANSWERS 🔷🖊✔✔Chance of loss
5 Risk or Loss Factors - .......ANSWERS 🔷🖊✔✔1. Risk 2. Loss 3. Exposure 4. Peril 5.
Hazard
Insurance allows: - .......ANSWERS 🔷🖊✔✔Individual or group to transfer over to
insurance company the risk of financial loss from a destructive event
Fundamental purpose of insurance is: - .......ANSWERS 🔷🖊✔✔To indemnify
policyholder against covered losses or restore policyholder back to same financial
position they were in before
Insurance companies may used term risks to refer to insured: - .......ANSWERS 🔷🖊
✔✔1. Person 2. Property 3. Activity
Loss - .......ANSWERS 🔷🖊✔✔Unplanned or unwelcome reduction in economic value
What is Direct and Indirect loss - .......ANSWERS 🔷🖊✔✔1. Direct loss - immediate
result of and event caused by a covered peril 2. Indirect loss - remote result of an
event caused by covered peril
Exposure - .......ANSWERS 🔷🖊✔✔State of being subject to a possible loss
Insurer measures exposure by - .......ANSWERS 🔷🖊✔✔Units to the person, property
or event (more exposure units, the greater the premium)
Exposure is also referred to as: - .......ANSWERS 🔷🖊✔✔Total risk an insurer faces
with insured
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