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CT Property and Casualty State Exam Questions And Answers Rated 100% Correct
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Methods of Handling Risk - ️️*STARR* Sharing Transfer Avoidance Retention Reduction Risk Reduction - ️️Lessening the chance that loss will occur, or lessening the extent of a loss if it occurs. (Ex: installing sprinkler system in business will reduce damaged caused by fire) Insuran...

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  • November 13, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ct property and casualty state

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  • CT Property and Casualty State
  • CT Property and Casualty State

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CT Property and Casualty State Exam
Methods of Handling Risk - ✔️✔️*STARR*
Sharing
Transfer
Avoidance
Retention
Reduction


Risk Reduction - ✔️✔️Lessening the chance that loss will occur, or lessening the
extent of a loss if it occurs. (Ex: installing sprinkler system in business will reduce
damaged caused by fire)


Insurance - ✔️✔️is a contract that transfers the risk of financial loss from an individual,
or business to an insurance company. (only covers losses that involve risk)

risk - ✔️✔️is the possibility a loss will occur.

Two Types of Risks - ✔️✔️Speculative and Pure.

Speculative Risk - ✔️✔️have a possibility of a loss and also the possibility of a gain.
(not covered by insurance companies)

examples of speculative risk - ✔️✔️Gambling and Investing.

Pure Risks - ✔️✔️ONLY involve the possibility of experiencing a loss, not a gain.
(covered by insurance companies)

Example of Pure Risk - ✔️✔️Car Accidents

Exposure - ✔️✔️The potential for accidents and other losses. (risk for which insurance
company would be liable)


insurance policy - ✔️✔️is a legal contract.

Insurer - ✔️✔️insurance company

Insured - ✔️✔️the customer

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