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Fundamentals of Insurance

Capella University

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Fundamentals of Insurance FINAL (End of Chapter Self-Examination Questions and Study Checklist) 301 Questions with 100% Correct Answers

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    Fundamentals of Insurance FINAL (End of Chapter Self-Examination Questions and Study Checklist) 301 Questions with 100% Correct Answers

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    36
    september 2022
    2022/2023
    A+
  • The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - the major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - 1. spread of risk (major function) 2. basis of credit system 3. eliminates worry and encourages entrepreneurship 4. loss prevention and loss reduction 5. source of employment and investment capital An analysis of the definition of insurance reveals five importa...
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Fundamentals Of Insurance (BC) (117 Questions wit 100% Correct Answers)

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    Fundamentals Of Insurance (BC) (117 Questions wit 100% Correct Answers)

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    38
    september 2022
    2022/2023
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  • Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick the exception: A. The insured is entitled to 15 days' written notice of termi...
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Fundamentals of Insurance - Licensing Practice Exam 2

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    Fundamentals of Insurance - Licensing Practice Exam 2

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    43
    september 2022
    2022/2023
    A+
  • 1. To "Bind a Risk" means: a. Having authority from the Insurer to put insurance in force b. Finding a company willing to give a quote on a risk c. Getting underwriting information from a client d. Automatically renewing an existing policy - a. Having authority from the Insurer to put insurance in force "Subrogation"d means: a. The right of the insurance company to recover payments made under the policy from another person who is legally responsible for the loss b. The amount of the...
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Fundamentals of Insurance - Practice Exam (updated 2022) All answers are 100% Correct [DISTINCTION LEVEL]

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    Fundamentals of Insurance - Practice Exam (updated 2022) All answers are 100% Correct [DISTINCTION LEVEL]

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    30
    september 2022
    2022/2023
    A+
  • The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring t...
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