PERSONAL LINES FINAL EXAM || QUESTIONS WITH 100% VERIFIED ANSWERS||LATEST UPDATE||GUARANTEED PASS

PERSONAL LINES FINAL EXAM || QUESTIONS WITH 100% VERIFIED ANSWERS||LATEST UPDATE||GUARANTEED PASS Statements made in the application are considered: A. Warranties B. Representations C. Possible Concealments D. None of the Above - Correct Answer B. Representations The definition of Risk is: A. Uncertainty regarding loss B. A chance of gain C. Uncertainty regarding gain or profit D. Intended unforseen damage to property for gain or profit - Correct Answer A. Uncertainty regarding loss A financial device for transferring or shifting risk from an individual or entity to a large group with the same risk is the definition of: A. Avoidance B. Retention C. Transfer D. Insurance - Correct Answer D. Insurance Hazards include which of the following: 1. Unintended oily rags stacked in a corner 2. A homeowner's carelessness because he has insurance