Georgia Property and Casualty Insurance Exam Study Guide verified to pass 2024/2025

Georgia Property and Casualty Insurance Exam Study GuideLoss - correct answer Insurance is a contract by which one seeks to protect another from. Larger - correct answer For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become Insurance - correct answer What do individuals use transfer their risk of loss to a larger group? Law of Large Numbers - correct answer Which law is the foundation of the statistical prediction of loss upon which rates for insurance are calculated? Loss - correct answer Insurance is a contract by which one seeks to protect another from At the time of loss. - correct answer Insurable interest in a property policy must be proven Insurable Interest - correct answer To purchase insurance, the policyowner must have financial interest in the property being insured. This is known as Speculative Risk - correct answer Events in which the principal has both the chance of winning or losing Pure Risk and Speculative Risk - correct answer The risk of loss may be classified as Risk - correct answer Insurance is the transfer of The uncertainty or chance of loss - correct answer For the purpose of insurance, risk is defined as