Exam (elaborations)

Idaho Insurance Licensing Property and Causualty UPDATED ACTUAL Questions and CORRECT Answers

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Idaho Insurance Licensing Property

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Idaho Insurance Licensing Property

Idaho Insurance Licensing Property and Causualty UPDATED ACTUAL Questions and CORRECT Answers Insurance - CORRECT ANSWER- Is a contract win which one party agrees to indemnify the insured party against loss,damage, or liabilty. Insurance Transfers - CORRECT ANSWER- The risk of loss from an ...

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Uploaded on November 22, 2024
Number of pages 14
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

idaho insurance licensing
idaho insurance
idaho insurance licensing property and causualty
idaho insurance licensing property

Institution Idaho Insurance Licensing Property
Course Idaho Insurance Licensing Property

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Idaho Insurance Licensing Property and
Causualty UPDATED ACTUAL Questions
and CORRECT Answers
Insurance - CORRECT ANSWER✔✔- Is a contract win which one party agrees to
indemnify the insured party against loss,damage, or liabilty.

Insurance Transfers - CORRECT ANSWER✔✔- The risk of loss from an individual or
business entity to an insurance company which in turn spreads the costs of unexpected losses
to many individuals.

Insurance Transaction - CORRECT ANSWER✔✔- Includes solicitation, negotiations, sale,
and advising etc

Risk - CORRECT ANSWER✔✔- the uncertainty or chance of loss

Pure risk - CORRECT ANSWER✔✔- Refers to situations that can only result in a loss or no
change. Always accepting in companies.

Speculative Risk - CORRECT ANSWER✔✔- involves the opportunity for either loss or
gain. Not Insurable.

Hazard - CORRECT ANSWER✔✔- are conditions or situations that increase the probability
of an insured loss occurring.

Physical Hazard - CORRECT ANSWER✔✔- Are individual characteristics that increase the
chances of the cause of loss. Exist because of physical conditions like medical history, birth
conditions, or blindness

Moral Hazard - CORRECT ANSWER✔✔- Tendencies towards increased risks based on
character and reputation. Refers to applicants who lie on applications or have fraudulent
insurance claims

, Morale Hazard - CORRECT ANSWER✔✔- Hazard arising out of an insured's indifference
to loss because of the existence of insurance.

Perils - CORRECT ANSWER✔✔- are the causes of loss insured against in an insurance
policy.

Loss - CORRECT ANSWER✔✔- Is defined as the reduction, decrease, or disappearance of
value of the person or property. Insured in a policy, caused by a named peril.

Sharing - CORRECT ANSWER✔✔- Is a method of dealing with risk for a group of
individual persons or businesses with the same or similar exposure to loss to share the losses
that occur within each group

transfer - CORRECT ANSWER✔✔- Most effective way to handle risk so loss is borne by
another party

Avoidance - CORRECT ANSWER✔✔- Eliminating exposure to a loss

Retention - CORRECT ANSWER✔✔- Planned assumption of risk by an insured through
deductibles, co-pays, or self insurance. Accepting responsibility before insurance company
pays

Reduction - CORRECT ANSWER✔✔- Attempt to lessen the possibility of severity of a loss.
Examples installing smoke detectors or having an annual physical

Who is an Agent/Producer - CORRECT ANSWER✔✔- Is an individual licensed to
sell,solicit, or negotiate insurance contracts on behalf of the principal (insurer).

Law of Agency - CORRECT ANSWER✔✔- Defines relationship between the principal and
the agent/producer: the acts of the agent/producer within the scope of authority are deemed to
be the acts of the insurer

Implied Authority - CORRECT ANSWER✔✔- The authority that is not expressed or written
into the contract, but which agent is assumed to have in order to transact bussiness

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Exam (elaborations) ·

Exam (elaborations)

Idaho Insurance Licensing Property and Causualty UPDATED ACTUAL Questions and CORRECT Answers

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