100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Life & Health Insurance Exam - NY States 2024/2025 A+ score assured ( 100% verified) $12.99   Add to cart

Exam (elaborations)

Life & Health Insurance Exam - NY States 2024/2025 A+ score assured ( 100% verified)

 4 views  0 purchase
  • Course
  • Accident And Health Insurance Agent
  • Institution
  • Accident And Health Insurance Agent

Life & Health Insurance Exam - NY States 2024/2025 A+ score assured ( 100% verified)

Preview 1 out of 2  pages

  • March 12, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Accident And Health Insurance Agent
  • Accident And Health Insurance Agent
avatar-seller
Tutor96
Life & Health Insurance Exam - NY
States

What is insurance? - ANS1.Insurance is a contract that indemnifies* another against loss,
damage, or liability arising from an unknown event.

2.Insurance is a social devices for spreading the chance of financial loss among a large
number of people.

3.By purchasing insurance, a person shares risk with a group of others, reducing individual
potential for disastrous financial consequences.

*Indemnify means to make a person whole by restoring that person to the same financial
position that existed before the loss.

Who is insured? - ANSPolicy Owner = Person who's purchase the insurance.

Who is insurer? - ANSInsurance company.

What is premium? - ANSA set amount of money that insured paid to insurer. Agreement
(contract or policy) between the insurer and the insured.

What is loss? - ANSReduction in the value of an asset.

What is claim? - ANSClaim is a demand for payment of the insurance benefit to the person
named in the policy.

Risk - ANSRisk is uncertainly of financial loss, or the chance of loss, when more than one
outcome.

Pure Risk - ANSPure risk means that there is only a chance of loss. The loss may or may
not happen and there is an possible for gain.

Speculative Risk - ANSSpeculative risk means both an uncertainty of loss and of gain.
Insurance does not protect individual against losses arising out of speculative risk because
these risk are undertaken voluntarily.

Peril - ANSPeril means immediate specific event causing loss and giving rise to risk.

For examples: building burns, fire is peril; person dies, death is the peril

Hazard - ANSHazard is any factor that gives rise to a peril. For the purposes of life insurance
there are there basic types of hazards: Physical, moral, and morale.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutor96. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart