AINS 21

AINS 21 practice exam | 348 Questions with 100% Correct Answers | 30 Pages Last document update:   ago

Which of the following statements is correct regarding characteristics of ideally insurable loss exposures - ideally, loss exposures should be spread across a large number of similar exposure units within the same period The type of insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury is - Disability income insurance Retention is often used in combination with insurance as a way of treating loss exposures. One of the major downs...

AINS 21 Final Exam Study Guide | with Complete Solution Last document update:   ago

What is insurance? - It's a transfer system, business, and contract. What is a transfer system in insurance? - One party (the insured), transfers the risk of financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone else so that I can keep my financial standing.] What are covered losses? - These are costs that insurers pay for and are in the contract that both parties agree to in the beginning (wind damage, car accident, etc). The costs...