PROPERTY AND CASUALTY CH 1 & 2- Latest update 2024 100%solved.

Loss Control - Answer- actions taken and strategies implemented to reduce the frequency or severity of a loss. a loss is experienced to satisfy their contractual obligation to identify insureds against covered losses. - Answer- Insurance makes loss payments to insureds when Risk - Answer- the chance or uncertainty that a loss will occur Pure Risk - Answer- only type of risk considered to be potentially insurable. present the chance for loss - Answer- To be considered a pure risk, the risk must only Speculative Risk - Answer- any kind of risk that could result in either loss or gain and is typically not insurable. Loss Exposure - Answer- possibility of financial loss due to risk Property loss exposure - Answer- possibility of loss to the value or usability of property or a physical tangible asset Liability Loss Exposure - Answer- loss resulting from injuries or damages the insured causes to another party as a result of negligence, requiring the insured to compensate the other party