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PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE $9.89   Add to cart

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PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE

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  • PROPERTY AND CASUALTY INSURANCE

Insurance -:- Transferring risk or loss to an insurance company Law of Large Numbers -:- Sharing risk between a large pool of people Statistical Prediction -:- Using past losses to predict future losses Insurable Interest -:- Having a financial stake in the insured property Elements of ...

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  • September 17, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PROPERTY AND CASUALTY INSURANCE
  • PROPERTY AND CASUALTY INSURANCE
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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




PROPERTY AND CASUALTY INSURANCE EXAM
PREP QUESTIONS AND ANSWER | LATEST
UPDATE
Insurance


✓ -:- Transferring risk or loss to an insurance company




Risk Transfer


✓ -:- Transferring risk from an individual to an insurance company




Law of Large Numbers


✓ -:- Predictability of losses in a large group of similar risks




Insurable Interest


✓ -:- Policy owner's financial interest in the insured property




Pure Risk


✓ -:- Risk that can only result in loss, not gain




1|P a g e | G r a d e A + | 2 0 2 0 2 5

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!


Speculative Risk


✓ -:- Risk that includes the opportunity for gain or loss




Perils


✓ -:- Causes of loss covered by insurance




Hazards


✓ -:- Circumstances that increase the likelihood of loss




Physical Hazards


✓ -:- Hazards related to the physical characteristics of a risk




Moral Hazards


✓ -:- Hazards related to dishonesty or fraud




Morale Hazards


✓ -:- Hazards related to indifference or carelessness due to insurance

coverage



2|P a g e | G r a d e A + | 2 0 2 0 2 5

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