Indemnify Study guides, Class notes & Summaries
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![Fundamentals of Insurance - Practice Exam Questions and Answers 100% Correct](/docpics/4079536/6587062bac67a_4079536_121_171.jpeg)
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Fundamentals of Insurance - Practice Exam Questions and Answers 100% Correct
- Exam (elaborations) • 38 pages • 2023
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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:
![WFG Exam Questions & Answers | 280 Questions with 100% Correct Answers | Latest Update | Verified](/docpics/4144062/659711fa0999e_4144062_121_171.jpeg)
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WFG Exam Questions & Answers | 280 Questions with 100% Correct Answers | Latest Update | Verified
- Exam (elaborations) • 27 pages • 2024
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What is meant by referring to an insurance policy as a unilateral contract? - Only one party makes a 
legally enforceable promise 
when must insurance records of insurance agents and brokers be made available to the Insurance 
Commissioner? - At all time 
Any situation that presents that possibility of a loss is known as - a loss exposure 
Which of the following information is not required to be communicated in a Life insurance contract? - 
Personal judgement 
the direct distribution of insura...
![Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified](/docpics/4899638/660c2de878a90_4899638_121_171.jpeg)
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Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified
- Exam (elaborations) • 29 pages • 2024
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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: 
a. Returning the premium of the insured 
b. Restoring th...
![WebCE Property & Casualty Prep Exam Questions and Answers 2023](/docpics/2919724/648f665516a47_2919724_121_171.jpeg)
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WebCE Property & Casualty Prep Exam Questions and Answers 2023
- Exam (elaborations) • 3 pages • 2023
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WebCE Property & Casualty Prep Exam Questions and Answers 2023 
Risk 
Chance of loss 
 
 
 
5 Risk or Loss Factors 
1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard 
 
 
 
Insurance allows: 
Individual or group to transfer over to insurance company the risk of financial loss from a destructive event 
 
 
 
Fundamental purpose of insurance is: 
To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before 
 
 
 
Insurance companies may ...
![NJ Title Insurance Exam with Correct and Verified Solution](/docpics/4865290/66066684835e5_4865290_121_171.jpeg)
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NJ Title Insurance Exam with Correct and Verified Solution
- Exam (elaborations) • 17 pages • 2024
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NJ Title Insurance Exam with Correct 
and Verified Solution 
A deed recorded in Maryland conveys Greenacre to Frank for life and at his death to 
Jane, her personal representative and assigns the interest vested in Frank and Jane by 
this deed are commonly referred to as 
A. Fee simple 
B. Life estate remainder 
C. Free hold and non-freehold 
D. Vested life estate and contingent remainder - CORRECT ANSWER-B. Life estate 
remainder 
What is MAHT? 
A. Maryland Administration Household Training...
![Fundamentals to Insurance exam 2023 with 100% correct answers](/docpics/3355500/64f298cf30723_3355500_121_171.jpeg)
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Fundamentals to Insurance exam 2023 with 100% correct answers
- Exam (elaborations) • 48 pages • 2023
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Chapter 1 - Intro - correct answer 
 
List the 5 functions of insurance: - correct answer1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - correct answer1) insurance provides a means of shifting ones financial responsibility from a loss to another party 
ii) payment will be made only in the event of the happening of a certain ...
![52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024](/docpics/4481377/65c9df57052f3_4481377_121_171.jpeg)
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52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024
- Exam (elaborations) • 34 pages • 2024
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52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024 
#8Question #121859 
When an insurer can no longer meet its financial obligations when they are due, the 
insurer is considered to be: -Answer-Correct Answer: 
Insolvent 
Explanation: 
Insolvency means any impairment of required minimum paid-in capital or the inability of 
the insurer to meet its financial obligations when they are due. 
#9Question #121863 
An appointment as an agent of an insurer becomes effective on the date it is: -Answ...
![Fundamentals of Insurance - Self Exam with Complete Solutions](/docpics/4079543/6587066c64fe6_4079543_121_171.jpeg)
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Fundamentals of Insurance - Self Exam with Complete Solutions
- Exam (elaborations) • 38 pages • 2023
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Main purpose of Insurance - Allow the spread of risk 
Definition of Insurance - -Payment's made only when a certain peril has damaged 
the insured object 
-Payment's limited to actual amount of loss, no more and no less 
-There's no payment for losses that are deliberately caused by an insured. 
Five important points to the definition of insurance: - -Spread of Risk 
-Basis of Credit System 
-Eliminates Worry/Encourages Entrepreneurship 
-Loss Prevention and Loss Reduction 
-Source of Employm...
![Florida ACA Claims Licensing Exam | Questions with 100% Correct Answers | Verified | Updated 2024](/docpics/4386619/65baba3eba5e6_4386619_121_171.jpeg)
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Florida ACA Claims Licensing Exam | Questions with 100% Correct Answers | Verified | Updated 2024
- Exam (elaborations) • 19 pages • 2024
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Insurance: transfer of risk by contract to insurers who agree to indemnify insureds for losses 
Risk: chance of loss 
pure risk: only outcomes are loss or no loss 
personal risk: premature death, insufficient income, poor health, unemployment 
property risk: loss of real property or personal property (on the land not the land itself) 
Liability risk: something that results in loss to another (3rd party buyout) 
Controlling risk: risk management; minimal loss 
speculative risk: either profit or l...
![Fundamentals to Insurance | 404 Questions and Answers(A+ Solution guide)](/docpics/3205208/64d108e0087fa_3205208_121_171.jpeg)
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Fundamentals to Insurance | 404 Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 47 pages • 2023
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Chapter 1 - Intro 
List the 5 functions of insurance: - 1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
Definition of insurance (3 parts) - 1) insurance provides a means of shifting ones financial 
responsibility from a loss to another party 
ii) payment will be made only in the event of the happening of a certain risk or peril 
iii) the amount of the payment is...
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