Riskchance of loss - Study guides, Class notes & Summaries

5 Qualifications for a General Lines License1. 18 years old 2. resident of FL or place of business in FL 3. 200-hour course or 1 yr experience in all lines 4. cannot be for writing controlled business 5. Exam waived for CPCU designation or college degree with 15 hours in insurance controlled businessmore than 50% of income from businesses applicant is involved in, such as family business Department of Financial Servicesdoes not make rating and underwriting rules riskchance of financial...

Tortfeasorwrongdoer riskchance of loss what is a hazarda hazard is a condition that increases the likely occurrence of a peril or the likely severity of a loss what is a perilperil is the destructive event that insurance guards against what is the assumption of riskI will pay for it if it goes wrong tort liabilitythe tortfeasor who is found to be liable or responsible for a person's injuries will likely be required to pay damages open perilcoverages of all losses EXCEPT exclusi...

InsuranceTransfer of risk. Types of riskPure and Speculative Pure RiskA chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative RiskChance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of HazardsPhysical, Moral and Morale Physical HazardA physical condition that increases the chance of loss.