Property and Casualty License in Arkansas fully solved graded A+ 2024

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct answer Right to seek damages from 3rd party so that the insured cannot collect 2xs. What is an accident? - correct answer Sudden unplanned event resulting in a loss What is an occurrence? - correct answer Repeated action or event that results in a loss What is a direct loss? - correct answer Things physically loss. For ex. If a fire burned down a house that would be a direct loss of the fire. What is an indirect loss? - correct answer A loss resulting from the direct loss. For Ex. If a fire burned down a house and you had to rent a hotel room the added expense of the hotel would be an indirect loss of the fire.