Ohio Health and Life Insurance Exam || Most Recent
Exam Actual Complete Real Exam Questions And
Correct Answers (Expertly Verified Answers) Already
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Insurance - ANSWERA contract that indemnifies another
against loss, damage, or liability
Pure risk - ANSWERThere is only a chance of loss and
there is no possibility for gain (insurable)
Speculative risk - ANSWERUncertainty of loss or gain:
these risks are undertaken voluntarily (ex: stock market)
,Peril - ANSWERThe immediate specific event causing loss
Indemnify - ANSWERTo make one whole by restoring
them to the same financial position that existed before the
loss
Moral hazard - ANSWERArise from peoples habits and
values (ex: filing a false claim)
Morale hazard - ANSWERArise from human carelessness
(ex: failing to take safety precautions)
STARR - ANSWERMethods for dealing with risk: Sharing,
Transfer, Avoidance, Reduction, Retention
,Insurable interest - ANSWERAn individual must have a
legitimate interest in the preservation of the life of the
property insured
Subrogation - ANSWERA clause in the insurance policy
that gives the insurer the right to sue the party responsible
for the loss (not used in life insurance)
Face amount - ANSWERMaximum amount of liability of
the insurer
, Elimination period - ANSWERThe "deductible" for disability
insurance; the number of days a person must be disabled
before benefits become payable
Coinsurance - ANSWERThe insurer and insured share
allowable expenses
Life insurance - ANSWERInsurance coverage on human
lives including endowments and annuities. May also
include benefits for accidental death, dismemberment, or
diability
Variable products - ANSWERThese carry investment risk-
the insured may lose money because of a decrease in the
Exam Actual Complete Real Exam Questions And
Correct Answers (Expertly Verified Answers) Already
Graded A+!!
Insurance - ANSWERA contract that indemnifies another
against loss, damage, or liability
Pure risk - ANSWERThere is only a chance of loss and
there is no possibility for gain (insurable)
Speculative risk - ANSWERUncertainty of loss or gain:
these risks are undertaken voluntarily (ex: stock market)
,Peril - ANSWERThe immediate specific event causing loss
Indemnify - ANSWERTo make one whole by restoring
them to the same financial position that existed before the
loss
Moral hazard - ANSWERArise from peoples habits and
values (ex: filing a false claim)
Morale hazard - ANSWERArise from human carelessness
(ex: failing to take safety precautions)
STARR - ANSWERMethods for dealing with risk: Sharing,
Transfer, Avoidance, Reduction, Retention
,Insurable interest - ANSWERAn individual must have a
legitimate interest in the preservation of the life of the
property insured
Subrogation - ANSWERA clause in the insurance policy
that gives the insurer the right to sue the party responsible
for the loss (not used in life insurance)
Face amount - ANSWERMaximum amount of liability of
the insurer
, Elimination period - ANSWERThe "deductible" for disability
insurance; the number of days a person must be disabled
before benefits become payable
Coinsurance - ANSWERThe insurer and insured share
allowable expenses
Life insurance - ANSWERInsurance coverage on human
lives including endowments and annuities. May also
include benefits for accidental death, dismemberment, or
diability
Variable products - ANSWERThese carry investment risk-
the insured may lose money because of a decrease in the
