Exam (elaborations)
Texas Limited Lines Complete Study Guide With Correct Solutions
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Texas Limited Lines Complete Study Guide With Correct Solutions
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Texas Limited Lines Complete StudyGuide With Correct Solutions
Insurance ✔️Ans -The transfer of risk.
Indemnity ✔️Ans -To restore the insurance to the same financial
condition as before the loss.
Risk ✔️Ans -Unknown outcome or uncertainty of loss.
Pure risk ✔️Ans -Only chance of loss, no chance of gain. (Ex. car or house.)
Speculative risk ✔️Ans -Chance of loss or gain. (Ex. gambling or stock
market.)
Direct loss ✔️Ans -Direct damage to the item itself.
Indirect loss ✔️Ans -An expense or loss of use, results from a direct loss.
Peril ✔️Ans -The cause of loss (Ex. Fire, theft, lighting.)
Hazard ✔️Ans -Anything that increases the risk.
Physical hazard ✔️Ans -Something that is visible and that can increase
the possibility of a loss. (Ex. Bad tires.)
Moral hazard ✔️Ans -Morals or habits of an insured that may increase the
chance of loss. (Ex. Dishonest tendencies, bad credit.)
Morale ✔️Ans -The insured's indifference to a loss.
Accident ✔️Ans -A sudden and unexpected event.
Occurence ✔️Ans -Happens over time.
Limits of Liability ✔️Ans -The maximum amount that an insurance
company agrees to pay for a single accident or injury.
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