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Loma 281: Module 1 Lesson 1 Correct 100% $10.99
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Loma 281: Module 1 Lesson 1 Correct 100%
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  • Loma 281

Risk - ANSWER the possibility of an unexpected loss speculative risk - ANSWER can result in a gain, a loss four risk management techniques - ANSWER avoid the risk control the risk

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  • August 30, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • loma 281 stuvia 2024
  • loma 281 module 1 lesson 1 correct 100
  • risk answer the possibility of an unexpected los
  • speculative risk answer can result in a gain a

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Loma 281: Module 1 Lesson 1
Correct 100%
Risk - ANSWER the possibility of an unexpected loss



speculative risk - ANSWER can result in a gain, a loss



four risk management techniques - ANSWER avoid the risk

control the risk

accept the risk

transfer the risk

Parties involved in insurance transaction - ANSWER applicant

policyowner

insured

beneficiary



characteristics of an insurable risk - ANSWER the risk must be a pure risk

loss must occur by chance

loss must be definite in time and amount

the loss must be significant

the loss rate must be predictable

loss cannot be catastrophic to the insurer



law of large numbers - ANSWER predict loses based on this value



Two basic types of life insurance product - ANSWER life insurance: the insurer promises to pay a
death benefit when a a named person dies



Annuity: in return for recv a premium, an insurer promises to make periodic payments.

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