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Fundamentals of Insurance Tests Compilation Bundle

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Chapter 1 - Fundamentals of Insurance QUESTIONS WITH COMPLETE SOLUTIONS

Spread of Risk Correct Answer: - "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot pro... [Show More]

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Fundamentals to Insurance| 404 QUESTIONS| WITH COMPLETE SOLUTIONS

List the 5 functions of insurance: 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and pr... [Show More]

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227

USLI Fundamentals of Insurance STUDY GUIDE| QUESTIONS WITH COMPLETE SOLUTIONS

Insurance industry is over 700 years old. True First type of Insurance: Marine Insurance Lloyd's of London is an insurance company. False ... [Show More]

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Fundamentals of Insurance Planning Practice Exam| QUESTIONS WITH COMPLETE SOLUTIONS

A loss exposure is defined as: (A) a loss that might occur (B) an undesirable end result of a risk (C) the largest possible loss (D) the probability of... [Show More]

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175

Fundamentals of Insurance - Practice Exam 12- questions with complete solutions

A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last... [Show More]

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183

Fundamentals of Insurance Practice Exam| 100 questions| with complete solutions

The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is det... [Show More]

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Fundamentals of Insurance Planning - Final Exam 2022- QUESTIONS WITH COMPLETE SOLUTIONS

What are the legal requirements of an insurance contract? Correct Answer: Offer and Acceptance Legal Competency of both parties Consideration is given ... [Show More]

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137

Fundamentals of Insurance Chapter 3 QUESTIONS WITH COMPLETE SOLUTIONS

What is the role of the federal Government when insurers receive federal licensing? Correct Answer: Licensing provided only to companies that can meet str... [Show More]

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223

FUNDAMENTALS OF INSURANCE STUDY GUIDE

RISK Correct Answer: IS THE CHANCE OF FINANCIAL LOSS PERIL Correct Answer: IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WH... [Show More]

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236

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

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 m... [Show More]

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251

Fundamentals of Insurance - Licensing Practice Exam 2

1. To "Bind a Risk" means: a. Having authority from the Insurer to put insuranc...b. Finding a company willing to give a quote on a risk c. Getting underwr... [Show More]

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142

Fundamentals of Insurance FINAL (End of Chapter Self-Examination Questions and Study Checklist) 301

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 ... [Show More]

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162

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

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. Pr... [Show More]

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180

Fundamentals of Insurance BC

What is the major function of insurance? - to allow the spread of risk What are the five important functions of insurance? - 1) insurance is the shifting o... [Show More]

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323

HS 311 Fundamentals of Insurance Planning Study Guide (394 Study Questions with 100% Correct Answer

What is the definition of "risk"? - the possibility of loss. Types of hazards? - Physical, attitudinal (carelessness), and moral. How do insurance companie... [Show More]

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Fundamentals of Insurance - Practice Exam LATEST UPDATE

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 m... [Show More]