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OK Property and Casualty - Motor Vehicle Included (Adjuster)-Section 1 (Introduction to Insurance,
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September 2023

2023/2024

A+
Risk - ANSWER-The uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWER-Chance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWER-Chance of financial loss with no possibility of gain. The only potential outcome is loss. Loss - ANSWER-Unintended unforeseen damage or injury measurable in financial terms. Peril - ANSWER-The actual cause of a loss. ...
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