- Study guides, Class notes & Summaries

INSURANCE LICENSE FLORIDA/ EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Speculative Risk - -Risk that involves chance of both loss and gain; not insurable Pure Risk - -Risk that involves the chance of loss only, there is no opportunity for gain; insurable Law of Large Numbers - -Basic principle of insurance that the larger the number of individual risks combined into a group, the more certainty there is in predicting the amount of loss that will be incurred in any given period. Element...