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Property and Casualty insurance exam 2024/2025 already graded A+
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Property and Casualty insurance exam 2024/2025 already graded A+
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Property and Casualty insurance examInsurance - ANSThe transfer of risk through a legal contract
Property - ANSCovers real property and personal property against damage or loss resulting
from covered causes of loss called perils
casualty - ANScovers non-property losses (3rd Party)
Personal lines - ANSInsurance for families and individuals
Commercial Lines - ANSInsurance for Business
Risk - ANSUncertainty of financial loss
Pure Risk - ANSChance of loss only (insurance only covers)
Speculative Risk - ANSChance of loss or gain
law of large numbers - ANSas the number of homogenous loss exposures increases, the more
accurate claims can be predicted from the group
Perils - ANScauses a loss
Named Peril - ANSlists the perils that are covered
open peril - ANScover all perils except those specifically excluded by the policy
hazard - ANSAre not causes of loss but are things that increase the chance of a peril
happening.
Physical Hazard - ANSsomething you can physically look at
Moral Hazard - ANSdishonest tendencies
morale hazard - ANSattitude of carelessness
Direct Loss - ANSimmediate physical damage to property
indirect loss - ANSloss that happens after the direct loss but due to the loss of use of the
property. Also called consequential
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