Deware Life insurance exam (questions and answers) 2024

Deware Life insurance exam (questions and answers) 2024 life insurance - CORRECT ANSWER-insurance that pays to a named beneficiary or the deceased's estate upon the death of the insured,may b annuity or endowment, may incl benef for accident death/dismemberment, disability, protects against risk pf premature death which exposes a finNcial riskto family or business. ie:burial expenses, pay debts, loss of family inc/business profits insurance - CORRECT ANSWER-content that indemnifies another against loss, damage, liab arising from unknown event indemnify - CORRECT ANSWER-make a person whole by restoring that person to the same financial poistion that existed. 4 the loss insured - CORRECT ANSWER-policy owner premium - CORRECT ANSWER-set amount of money payable for policy/coverage insurance company - CORRECT ANSWER-insurer policy - CORRECT ANSWER-agreement insurer and insured, agreeement/contract loss - CORRECT ANSWER-reduction in value and asset claim - CORRECT ANSWER-demand for payment of insured benefit to person named in policy risk - CORRECT ANSWER-uncertainty of financial loss when one or more outcome is possible. must be element of doubt and uncertainity pure risk - CORRECT ANSWER-only a chance of loss, only pure risk is insurable, risk associated with chance of loss speculative risk - CORRECT ANSWER-involves both uncertain of loss and gain ie betting at a race track/ investing in the stock market peril - CORRECT ANSWER-immediate specific event causing loss and giving rise to risk. ie building burns as a result of "fire" or person dies as a result of "death" hazard - CORRECT ANSWER-fsctor that gives rise to peril three types of hazards - CORRECT ANSWER-physical, moral, morale