PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE
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Course
PROPERTY AND CASUALTY INSURANCE
Institution
PROPERTY AND CASUALTY INSURANCE
Insurance
-:- Transferring risk of loss to an insurance company
Law of Large Numbers
-:- Predictability of losses among a larger group of people
Property Insurance
-:- Insuring against the loss of physical property or its ability to produce
income
Casualty Insurance
-:- Insuring agains...
✓ -:- Circumstances that increase the likelihood of an insured loss
Physical Hazards
✓ -:- Risks related to the physical characteristics of a property
Moral Hazards
✓ -:- Risks related to dishonesty or fraudulent behavior
Morale Hazards
✓ -:- Risks related to apathy towards loss due to the presence of
insurance
Legal Hazards
✓ -:- Risks related to legal or regulatory conditions that affect an insurer's
ability to collect premiums
Loss
2|P a g e | G r a d e A + | 2 0 2 0 2 5
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