Illinois Property Insurance Exam study guide |
Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
important requirement a claimant must satisfy to persuade a court that the
insured is legally liable for damages
Choose an answer
1 insurance policy 2 Actuary Tables
3 Pooling of risks 4 Negligence
Don't know?
Terms in this set (155)
, insurance policy transfer of financial risk
Pure Risk a risk that presents the chance of loss but no
opportunity for gain
Speculative Risk Chance of loss or gain (betting)
What do insurance companies pure risks
cover?
Pooling of risks When a large group of people contribute money
to a fund out of which their losses can be paid
insured the person or business covered by the insurance
policy
premium money paid by the insured to the ins. company in
exchange for the insurance policy
lapse when a policy is terminated due to non payment of
premiums
endorsement form of ins. policy usually added for additional
coverage
Peril cause of loss
Hazard Increases the chance of loss
Risk likelihood that loss will occur
Actuary Tables tables used for calculating premium rate tables
Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
important requirement a claimant must satisfy to persuade a court that the
insured is legally liable for damages
Choose an answer
1 insurance policy 2 Actuary Tables
3 Pooling of risks 4 Negligence
Don't know?
Terms in this set (155)
, insurance policy transfer of financial risk
Pure Risk a risk that presents the chance of loss but no
opportunity for gain
Speculative Risk Chance of loss or gain (betting)
What do insurance companies pure risks
cover?
Pooling of risks When a large group of people contribute money
to a fund out of which their losses can be paid
insured the person or business covered by the insurance
policy
premium money paid by the insured to the ins. company in
exchange for the insurance policy
lapse when a policy is terminated due to non payment of
premiums
endorsement form of ins. policy usually added for additional
coverage
Peril cause of loss
Hazard Increases the chance of loss
Risk likelihood that loss will occur
Actuary Tables tables used for calculating premium rate tables
