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Fundamentals of Insurance - Chapter 1- 2 Practice Questions With Correct Answers(Rated A) Three Main Categories Of Risk - Answer1) Personal Risk 2)Property Risk 3)Liability Risk What is "Spread of Risk"? - AnswerInsurance provides a mechanism in which the losses of few are shared among many ...

Fundamentals of Insurance - Chapter 1 Exam Questions With Correct Answers(Rated A)- Answer The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - AnswerTo share the losses of a few among the many An analysis of the definition of insurance ...

Fundamentals to Insurance Exam Questions And Answers ACCURATE 100%!Chapter 1 - Intro - ANSWER List the 5 functions of insurance: - ANSWER1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) ...

Practice Exam 2 Fundamentals of Insurance Level 1 Questions And Answers(RATED A) Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - AnswerTrue. Pure Risk: Provides only the p...

Fundamentals of Insurance Planning Practice Exam Solved 100%(Rated Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - AnswerTrue. Pure Risk: Provides only the potential for f...

Fundamentals of Insurance - Practice Exam 12 Questions With Correct Answers(Scored A)A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7...

Fundamentals of Insurance - Practice Exam Questions And Answers Correct 100%!What are the FIVE elements of a contract? Three Main Categories Of Risk - Anawer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, L...

Fundamentals of Insurance FINAL Exam Accurate 100%!! Chapter 1 - AnswerIntroduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - Answerthe major function of insurance is to share the losses of the few among the ma...

Fundamentals of Insurance Questions And Answers Latest Updated 2023! The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the follo...

Fundamentals of Insurance Multiple every policy of fire insurance ly covers fire,smoke, and specified types of explosions required by law to cover fire, windstorm,and lightning s fire,explosion, and windstorm required by law to cover at least fire, lightning, and specified types of explosio...

Insurance Fundamentals Exam Level 1 QuesInsurance - Answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - Answerthe cause of a financial loss (ie. fire, water, earthquake) Risk - Answerthe chance of financial loss Pu...

Fundamentals of Insurance Final Test Latest Update 2023(Graded A) Risk - AnswerThe Chance of loss happening Insurance Policy - Answerlegal contract designed to cover specific future losses Product Option - AnswerSpecial features added to a basic policy that increase the cost of the premiu...

Level 1 Fundamentals of Insurance Practice Exam Correct 100%(RATED A) Your client has made application for "appraisal". The intent of the appraisal process is to settle the dispute between your client and the insurer regarding the: a. Amount of the settlement being offered b. Denial of insura...

Fundamentals of Insurance Test Questions 7 With Correct Answers(RATED A)Insurance industry is over 700 years old? - AnswerTrue First type of insurance: - AnswerMarine Lloyd's of London is not an insurance company? - AnswerTrue Why was it important to the colonists of the new world to trans...