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 physical hazard - CORRECT ANSWER-arises from material, structural, or operational features ie: unsanitary conditions slippery floors moral hazard - CORRECT ANSWER-arise from peoples habits or values (lying, cheating) morale hazard - CORRECT ANSWER-arises out of human negligence ie: dont wear seatbelt 5 ways to manage risks - CORRECT ANSWER-share transfer avoid reduction retention sharing risk - CORRECT ANSWER-when risk cannot be avoided& retention causes too much exposure transfer risk - CORRECT ANSWER-move risk to another insurance co types of transfers - CORRECT ANSWER-non insurance and contract avoidance of risk - CORRECT ANSWER-abstenance reduction of risk - CORRECT ANSWER-smoke alarm to reduce potential loss retention of risk - CORRECT ANSWER-do nothing, assume part of risk yourself ie: deductible law of large numbers - CORRECT ANSWER-ins co cannot predict loss expected for a given individual using this law, insurers can predict how many losses will occur with this law exposure unit - CORRECT ANSWER-item of property or insured person insurable interest - CORRECT ANSWER-must have this to preserv life or property of insured insurable interest for life insurance - CORRECT ANSWER-must exist at time of app notnecessary T time of death insurable risk - CORRECT ANSWER-large #s of homogenous units in order for pooling & insurance mechanismsof insurance to fu