HS 311 Fundamentals of Insurance Planning
Liberty University
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HS 311 Fundamentals of Insurance Planning
- Exam (elaborations) • 45 pages • 2022
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What is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they make their estimate. What is the definition of "particular risk"? - Loss possibilities that affect only individuals or small groups of individuals at the same time What is the definition of "fundamental ...
Exam (elaborations)
HS 311 Fundamentals of Insurance Planning
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What is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they make their estimate. What is the definition of "particular risk"? - Loss possibilities that affect only individuals or small groups of individuals at the same time What is the definition of "fundamental ...
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