Fundamentals of insurance - Study guides, Class notes & Summaries

Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified

Fundamentals of Insurance Exam Prep Questions with 100% Correct Answers | Latest Version 2024 | Verified

FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE SPREAD OF RISK INDEMNITY - ANSWERS MEANS RESTORING THE INSUREDS TO THE SAM FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLAIM? - ANSWERS THE INSURER INSURA...

Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick the exception: A. The insured is entitled to 15 days' written notice of term...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means:

Fundamentals of Insurance BC questions and answers graded A+ What is the major function of insurance? - ANSWERS to allow the spread of risk What are the five important functions of insurance? - ANSWERS 1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount of payment is restricted to the amount required to indemnify the insured 4) insurance covers losses the object may be exposed to 5) the indemnit...

Fundamentals Of Insurance (BC) Exam Questions and Answers 100% CorrectFundamentals Of Insurance (BC) Exam Questions and Answers 100% CorrectFundamentals Of Insurance (BC) Exam Questions and Answers 100% CorrectInsurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction...

Fundamentals of Insurance - Practice Exam Questions And Correct answers. The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss c. The cause of a lo...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...