HS 311 Fundamentals of Insurance Planning 2024

HS 311 Fundamentals of Insurance Planning 2024 What is the definition of "risk"? - answer-the possibility of loss. Types of hazards? - answer-Physical, attitudinal (carelessness), and moral. How do insurance companies measure probabilities? - answer-By observing large numbers (mass) of similar (homogeneous) exposures in the statistical group from which they make their estimate. What is the definition of "particular risk"? - answer-Loss possibilities that affect only individuals or small groups of individuals at the same time What is the definition of "fundamental risk"? - answer-Loss possibilities that can affect large segments of society at the same time. What is the definition of "pure risk"? - answer-Loss or no loss What is the definition of "speculative risk"? - answer-Possibility of loss, no loss, or gain Pure risk categories include? - answer-Risks involving the person, risks involving loss of or damage to property, and risks involving liability for injury or damage to persons or the property of others.