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Exam (elaborations)

Primerica Insurance Exam: General Insurance (Latest); Questions and Answers

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Primerica Insurance Exam: General Insurance (Latest); Questions and Answers Insurance A contract in which one party agrees to indemnify the insured party against loss, damage or liability from an unknown event. Insurance transfers The reduction, decrease, or disappearance of value of the p...

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  • August 26, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Primerica Insurance
  • Primerica Insurance
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Primerica Insurance Exam: General
Insurance (Latest); Questions and Answers
Insurance ✔✔A contract in which one party agrees to indemnify the insured

party against loss,


damage or liability from an unknown event.


Insurance transfers ✔✔The reduction, decrease, or disappearance of value of

the person or


property insured in a policy, caused by a named peril.


Risk ✔✔The uncertainty or chance of a loss occurring.


Pure risk ✔✔Situations that can only result in a loss or no change


Speculative risk ✔✔The opportunity for either loss loss or gain.


Hazards ✔✔Conditions or situations that increase the probability of an insured

loss occurring.


Physical hazards ✔✔Individual characteristics that increase the chances of the

cause of loss.


Moral hazards ✔✔Tendencies towards increased risk.

, Primerica Insurance Exam: General
Insurance (Latest); Questions and Answers
Morale hazards ✔✔Arises from a state of mind that causes indifference to loss,

such as


carlessness


Perils ✔✔The causes of loss against in an insurance policy


Exposure ✔✔The unit of measure used to determine rates charged for insurance

coverage.


Factors: The age of the insured, insured medical history, occupation, and sex


Avoidance ✔✔Eliminating exposure to a loss.


Retention ✔✔The planned assumption of risk by an insured through the use of

deductibles, co-

payments, or self-insurance.


Purpose: To reduce expenses and improve cash flow, to increase control of claim

reserving and


claims settlement, to fund for losses that cannot be insured.

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