Speculative risk include Study guides, Class notes & Summaries
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RMI 211 EXAM 1 Questions With Correct Solutions, Already Passed!!
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sources of information for identifying loss exposures - - risk analysis questionnaires 
- physical inspection 
- flow charts 
- financial statements 
- historical loss data (most common) 
What is Risk? - Uncertainty regarding loss 
Objective Risk - the relative variation of actual loss from expected loss 
subjective probability - - personal estimate of the chance of loss 
- it need not coincide with objective probability and is influenced by a variety of factors including age, 
sex, intelligence...
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Alabama Life & Health Insurance Exam | 200 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 26 Pages
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Which of the following would be considered a speculative risk? - The possibility the painting you 
bought might be a long-lost masterpiece 
A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, 
Lottery, etc. All of the other choices describe pure risk, where there is no chance of gain, only a chance of 
loss exists. 
Which is the proper term for a company owned by its policy owners? - A mutual insurance company 
A producer who is acting as a...
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RMI 211 EXAM 1 - Meek Questions With Answers Graded A+ Assured Success
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the probability that an event will occur; can be same for two outcomes but may have different objective 
risks - Chance of loss 
characterizes the relationship between two or more variables and then uses this characterization to 
predict values of a variable - regression analysis 
uncertainty concerning the occurrence of a loss - Risk 
the property or life that is being considered for insurance - Insurance form of risk 
any situation or circumstance in which a loss is possible, regardless of whe...
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WFG Final Exam - Questions, Answers and Rationales (Complete Solutions)
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WFG Final Exam - Questions, Answers and Rationales (Complete Solutions) John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again ...
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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
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Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
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ND Property Insurance Latest Update Graded A+
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ND Property Insurance Latest Update 
 
Graded A+ 
 
Insurance the transfer of financial responsibility associated with a potential of a loss (risk) to 
an insurance company, which in turn spreads the cost of unexpected losses to many individuals. 
 
Law of Large Numbers Principal stating that the larger the number of similar exposure units 
considered, the more closely the losses reported will equal the underlying probability of loss. 
This law forms the basis for statistical prediction of loss ...
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Alabama Life & Health Insurance Exam Quizzes With Complete Solutions.
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Alabama Life & Health Insurance Exam Quizzes With Complete Solutions. 
 
Which of the following would be considered a speculative risk? 
The possibility the painting you bought might be a long-lost masterpiece 
 
A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices describe pure risk, where there is no chance of gain, only a chance of loss exists. 
Which is the proper term for a company owned by its pol...
-
Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
- Exam (elaborations) • 21 pages • 2024
-
- $16.99
- + learn more
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
-
Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
- Exam (elaborations) • 21 pages • 2024
-
- $13.99
- + learn more
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
-
USAA Licensing Exam QUESTIONS AND ANSWERS | VERIFIED UPDATE
- Exam (elaborations) • 25 pages • 2024
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USAA Licensing Exam QUESTIONS 
AND ANSWERS | VERIFIED UPDATE 
Insurance - ANSWER Transfer of risk from one person or organization to 
an insurance company 
Indemnity - ANSWER The principle to restore the insured to the pre-loss 
economic or financial condition. 
Law of Large numbers - ANSWER Mathematical principle used by 
insurers to predict losses to charge the appropriate premiums 
Insurable Interest - ANSWER Proof that someone stands to lose 
financially if a loss occurs; must exist at ...
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