Indemnify means - Study guides, Class notes & Summaries
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Fundamentals of Insurance Self Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
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1.	Main purpose of Insurance 
ANS Allow the spread of risk 
2.	Definition of Insurance 
ANS -Payment's made only when a certain peril has dam- aged 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. 
3.	Five important points to the definition of insurance 
ANS -Spread of Risk 
-Basis of Credit System 
-Eliminates Worry/Encourages Entrepreneurship 
-Loss Prevention and Loss Reduction 
...
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Fundamentals of Insurance - Practice Exam 2023-2024 Questions and Answers 100% Correct
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Fundamentals of Insurance - Practice Exam Questions and Answers 100% CorrectFundamentals of Insurance - Practice Exam Questions and Answers 100% Correct 
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 - ANSWER-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 o...
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CA Insurance License Exam Questions and Answers 100% Correct
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CA Insurance License Exam Questions and 
Answers 100% Correct 
As used in this code the word "shall" is - Correct Answer ️️ -Mandatory (unless 
otherwise apparent) 
As used in this code the word "may" is - Correct Answer ️️ -permissive (unless 
otherwise apparent) 
"Oath" includes - Correct Answer ️️ -affirmation 
"Person" means - Correct Answer ️️ -person, association, organization, partnership, 
business trust, limited liability company, or corporation 
Definition of In...
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Fundamentals of Insurance - Practice Exam Correct Questions & Answers
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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 - ANSWER 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 - ANSWER c. The cause of a loss 
 
Indemnify means: 
 
a. Returning the premium of the ...
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GEORGIA PROPERTY & CASUALTY INSURANCE EXAM (LATEST 2024/ 2025 UPDATE) QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A
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GEORGIA PROPERTY & CASUALTY INSURANCE EXAM (LATEST 2024/ 2025 UPDATE) QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A 
 
Q: Once an injured employee has received benefits provided under workers' compensation, that employee may not file a suit against her employer to gain additional benefits. This is the def. of 
 
A. Contributory negligence 
B. the fellow servant rule 
C. Assumption of risk 
D. Exclusive remedy 
 
 
Answer: 
D. executive remedy 
 
 
 
Q: The purpose of the basic extend...
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West Virginia Property & Casualty Laws and Regulations with Complete Solutions
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West Virginia Property & Casualty Laws 
and Regulations with Complete 
 
Solutions 
 
Insurance commisioner •Appointed by the governor 
•6 year term 
•must sever all ties with any insurance company except as a claimant. 
 
Examination of insurers •Must examine each domestic insurer at least once every five years, 
and as often as deemed necessary. 
•May examine an alien or foreign insurer licensed to transact insurance in this state at least once 
every five years. 
 
Insurance examina...
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Wisconsin Casualty Questions and Answers Already Passed
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Wisconsin Casualty Questions and 
 
Answers Already Passed 
 
A situation in which a person can experience only a loss and no gain presents what type of risk? 
Pure Risk 
 
A tornado that destroys a property would be an example of what? Peril 
 
What type of authority is based on the agent's actions, or words? Apparents 
 
If an insurer holds a Certificate of Authority, it is know as what type of insurer? Authorized 
or admitted 
 
What document is required for an insurance company to transact ...
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Fundamentals to Insurance | 404 Questions and Answers(A+ Solution guide)
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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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Florida ACA Claims Licensing Exam Questions With 100% Correct Answers.
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Insurance - Answer-transfer of risk by contract to insurers who agree to indemnify insureds for losses 
Risk - Answer-chance of loss 
pure risk - Answer-only outcomes are loss or no loss 
personal risk - Answer-premature death, insufficient income, poor health, unemployment 
property risk - Answer-loss of real property or personal property (on the land not the land itself) 
Liability risk - Answer-something that results in loss to another (3rd party buyout) 
Controlling risk - Answer-risk manage...
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Fundamentals of Insurance Practice Exam | 100 Questions with 100% Correct Answers | Verified | Latest Update 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...
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