Fundamentals of Insurance Study guides, Class notes & Summaries

Fundamentals of Insurance - Licensing Practice Exam 2 Correctly Answered 2024 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - Answer -a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to recover payments made under the p...

Fundamentals of Insurance - Practice Exam Questions and Correct Solutions 2024 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 -...

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 types of ...

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 types of ...

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 types of ...

FUNDAMENTALS OF INSURANCE - LICENSING EXAM 2 2024| ACTUAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS| GRADED A+ 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - correct answer a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to...

FUNDAMENTALS OF INSURANCE - LICENSING EXAM 2 2024| ACTUAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS| GRADED A+ 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - correct answer a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to...

Fundamentals of Insurance - Practice Exam Questions with Verified Solutions 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 caus...

Basic Fundamentals of Insurance (Quiz)