LOMA 281 Exam Practice Questions and Answers | 100% Correct
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Course
LOMA 281
Institution
LOMA 281
LOMA 281 Exam Practice Questions and
Answers | 100% Correct
What are speculative risks? - Answer️️ -Risks that involve three outcomes: loss, gain,
or no change
What are pure risks? - Answer️️ -Risks that involve no possibility of gain
What risks are insurable? - Answer️️ -Only pure...
LOMA 281 Exam Practice Questions and
Answers | 100% Correct
What are speculative risks? - Answer✔️✔️-Risks that involve three outcomes: loss, gain,
or no change
What are pure risks? - Answer✔️✔️-Risks that involve no possibility of gain
What risks are insurable? - Answer✔️✔️-Only pure risks
Speculative risks involve the possibility of gain so they cannot be insured
What is a retention limit? - Answer✔️✔️-The maximum amount of risk the insurer is
willing to carry at its own risk
What is a commutative contract? - Answer✔️✔️-The parties agree to exchange specified
items or services that are equal in value
What is an aleatory contract? - Answer✔️✔️-One party exchanges something of value for
the other party's conditional promise
Is a life insurance policy a commutative or aleatory contract? - Answer✔️✔️-Aleatory
Are life insurance contracts bargaining contracts? - Answer✔️✔️-No, they are contracts of
adhesion. The insurance company sets the terms and the applicant can either accept or
reject
Are insurance contracts formal or informal? - Answer✔️✔️-Informal
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