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