Mastersgrade

Insurance Fundamentals Exam Level 1 QuesInsurance - Answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - Answerthe cause of a financial loss (ie. fire, water, earthquake) Risk - Answerthe chance of financial loss Purpose of insurance - Answerto allow the spread of risk of few among many Indemnity - Answerrestoring the insured to the same financial position as they were in immediately prior to the loss; insure...

Fundamentals of Insurance Multiple every policy of fire insurance ly covers fire,smoke, and specified types of explosions required by law to cover fire, windstorm,and lightning s fire,explosion, and windstorm required by law to cover at least fire, lightning, and specified types of explosions - A required by law to cover at least fire, lightning, and specified types of explosions when the insurer terminates an insurance policy, all of the following conditions apply, except one. pick ...

Fundamentals of Insurance Questions And Answers Latest Updated 2023! The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of...

Fundamentals of Insurance FINAL Exam Accurate 100%!! Chapter 1 - AnswerIntroduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - Answerthe major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - Answer1. spread of risk (major function) 2. basis of credit system 3. eliminates worry and encourages entrepreneurship 4. loss prevention and loss...

Fundamentals of Insurance - Practice Exam Questions And Answers Correct 100%!What are the FIVE elements of a contract? Three Main Categories Of Risk - Anawer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - AnawerB) Legal Capac...

Fundamentals of Insurance - Practice Exam 12 Questions With Correct Answers(Scored A)A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7,000 b. 12,000 c. 30,000 d. 37,5000 - Answerc. 30,000 The reinstatement clause contained in most policies of commercial property insurance provided that: a. The insureds shall have as much in...

Fundamentals of Insurance Planning Practice Exam Solved 100%(Rated Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - AnswerTrue. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provided for pure risk only. - AnswerTrue. Risk Retention or Self-insurance may be a practical risk management technique when the chance...

Practice Exam 2 Fundamentals of Insurance Level 1 Questions And Answers(RATED A) Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - AnswerTrue. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provided for pure risk only. - AnswerTrue. Risk Retention or Self-insurance may be a practical risk management technique w...

Fundamentals to Insurance Exam Questions And Answers ACCURATE 100%!Chapter 1 - Intro - ANSWER List the 5 functions of insurance: - ANSWER1) 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) - ANSWER1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only ...

Fundamentals of Insurance - Chapter 1 Exam Questions With Correct Answers(Rated A)- Answer The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - AnswerTo share the losses of a few among the many An analysis of the definition of insurance reveals five important points. Identify these five important points - Answer- Shifting one's financial responsibility for loss to another party - Payment made only in event of certain risk or peril...