Personal pure risk Study guides, Class notes & Summaries
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2-20 Florida Insurance Exam Questions and Answers 100% Pass
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2-20 Florida Insurance Exam Questions and 
Answers 100% Pass 
Pure Risk - Correct Answer ️️ -a situation that presents the opportunity for loss, but no 
opportunity for gain. 
due to physical damage or bodily injury. 
Ex. Fire Loss- not anticipated but poss. 
Speculative Risk - Correct Answer ️️ -We speculate or have uncertainty about an 
event under consideration that could produce either profit or loss. 
Ex. Lottery or Betting 
Policy - Correct Answer ️️ -Written contract or agreem...
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Alabama Property and Casualty Exam Questions and Answers Rated A
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Alabama Property and Casualty Exam Questions and Answers Rated A 
If a company cancels an auto policy mid term, the refund will be made on 
a. pro rata basis 
b. short rate basis 
c. retroactive basis d. coinsurance basis Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy period ? 
a. cancellation 
b. nonrenewal 
c. separation d. exclusion Nonrenewal 
Which is the best example of an indirect loss ? 
a. sequential loss 
b. liability l...
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AL P&C University of Alabama Study Guide Questions and Answers Rated A+
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AL P&C University of Alabama Study 
Guide Questions and Answers Rated A+ 
 
If a company cancels an auto policy mid-term, the refund will be made on a : 
 
A. pro rata basis 
B. short rate basis 
C. retroactive basis 
 
D. coinsurance basis A. Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy 
period? 
 
A. Cancellation 
B. Nonrenewal 
C. Separation 
D. Exclusion B. Nonrenewal 
 
Which is the best example of an indirect loss? 
 
A...
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AL P&C University of Alabama Study Guide (2023/2024) 100% Pass
- Exam (elaborations) • 93 pages • 2024
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AL P&C University of Alabama Study Guide (2023/2024) 100% Pass 
If a company cancels an auto policy mid-term, the refund will be made on a : 
A. pro rata basis 
B. short rate basis 
C. retroactive basis D. coinsurance basis A. Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy period? 
A. Cancellation 
B. Nonrenewal 
C. Separation D. Exclusion B. Nonrenewal 
Which is the best example of an indirect loss? 
A. Sequential loss 
B. Liabi...
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Florida 2-15 Insurance Exam Terms with complete solutions |Latest 2024/2025
- Exam (elaborations) • 56 pages • 2024
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Florida 2-15 Insurance Exam Terms 
with complete solutions. 
Insurance ️ 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 ️ Is based on actuarial or mathematical principles and 
guarantees a specified sum of money upon the death of the person who is 
insured. 
Health Insurance ️ Evolved from scientific principles to provide funds fo...
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Alabama Property and Casualty Exam Questions and Answers Graded A+
- Exam (elaborations) • 29 pages • 2024
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Alabama Property and Casualty Exam 
Questions and Answers Graded A+ 
 
If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
 
d. coinsurance basis Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy 
period ? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion Nonrenewal 
 
Which is the best example of an indirect loss ? 
 
a. sequential lo...
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AINS 101 Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update)
- Exam (elaborations) • 15 pages • 2023
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Available in package deal
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AINS 101 Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update) 
 
 
Q: In personal property-casualty insurance, which is more common: manu- script forms or pre-printed policies? 
 
Answer: 
 Pre-printed policies 
 
 
Q: Which statement is true? 
 
Answer: 
 A policy begins with a coverage overview, then goes into more coverage details 
 
 
Q: Which of these is an example of general damages? 
 
Answer: 
 Compensation for disfigurement ...
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RMIN Daniel Brown Test 1 Latest Update 100% Pass
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RMIN Daniel Brown Test 1 Latest Update 
 
100% Pass 
 
exposure things of value (assets) that could be lost 
 
Perils things that could happen to your assets 
 
cause of a loss 
 
risk management what someone does to protect their assets or prevent/ reduce their losses 
 
risk a calculated possibility of a negative outcome 
 
uncertainty concerning the occurrence of a loss 
 
Calculated possibility a probablilistic outcome that is known or estimated 
 
ranges from 0 to 1 or a percentage 
 
0 imp...
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CAIB 1 - Chapter 1 Questions and Answers Rated A+
- Exam (elaborations) • 15 pages • 2024
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CAIB 1 - Chapter 1 Questions and 
 
Answers Rated A+ 
 
Define "Risk" The chance of a financial loss to which the object of insurance may be 
exposed to 
 
List 3 Categories of Risk 1) Personal 2) Property 3) Liability 
 
List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk 
Control 4) Risk Transfer 
 
Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk 
 
Define "Risk Retention" To self-insure or to pay for losses the...
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California Life Only Final Exam | 230 Questions with 100% Correct Answers | Verified | Latest Update 2024
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According to the California Insurance Code, what is "insurance"? - A contract 
Which of these statements correctly describes risk? - Pure risk is the only insurable risk 
Only pure risks are insurable 
Which of the following does NOT have to be included on life insurance policy illustrations? - 
Statement that all values and benefits are guaranteed 
An agent's attempt to stop the replacement of an existing life insurance policy is known as - 
conservation 
If a material warranty violation on ...
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