Speculative Study guides, Class notes & Summaries

KENTUCKY ADJUSTER EXAM PREP EXAM QUESTIONS WITH COMPLETE VERIFIED ANSWERS LATEST UPDATES Insurance Transfers risk of financial losses from one party to another Insured Individual or organization that pays premiums in exchange for protection Insurer Company, group, or government agency offering financial protection Insurance policy A legally binding contract in which the insurer agrees to take on specified risks in exchange for the insured's premium. Principle of indemnity Restoration ...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 Admitted Insurance Company vs. Non-Admitted Insurance Company An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (...

Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) types of risk - ANSWER - Pure risk Speculative risk Subjective risk pure risk - ANSWER - Simply no loss or loss *insurance companies only deal with spectulative risk - ANSWER - loss or no loss or potential gain subjective risk - ANSWER - our attitudes towards risk (risk tolerance) *more difficult than pure and spe...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

Property and Casualty Insurance EXAM 1. Specific insurance: This type of insurance designates a particular item to be insured 2. Blanket insurance: This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. 3. Speculative: possibility of both gain and loss. Not insurable. 4. Pure: only the possibility of loss. Insurable.

Test Bank For Understanding Psychology, 15th Edition By Feldman| All Chapters (1-17) | Newest Version 2024 A+ Test Bank for Understanding Psychology, 15th Edition Feldman Chapter 1-17 Answers are at the end of Each chapter Chapter 1 Student name:__________ MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Psychology is defined as the A) intuition-based approach to study human behavior. B) speculative method to find answers about ...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

Perils correct answer: the cause of loss Policy Owner correct answer: the person who has the rights and privileges in the policy Risk correct answer: Uncertainty or chance of loss -Pure Risk(Insurable) -Speculative(Uninsurable) Insured correct answer: the person covered by the insurance policy insurer correct answer: a company that issues an insurance policy Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...

Definintion of Insurance Correct Answer: "A social device for transferring risk through an accumulation of funds" Policy Correct Answer: A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium Correct Answer: A set amount that must be paid for a Policy. Concept of Risk Correct Answer: Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, whi...

Risk - correct answerThe chance or uncertainty of loss. Methods of Managing Risk - correct answer1. Avoid risk 2. Control risk 3. Retain a risk 4. Transfer a risk Avoid Risk - correct answerNever get into a car. Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. Transfer a Risk - correct answerUse a Hold Harmless Agreem...