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Primerica Focused exam (basic principles) Questions with 100% Accurate answers/2022/2023 update.

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Primerica Focused exam (basic principles) Questions with 100% Accurate answers/2022/2023 update. which of the following insurance would be considered risk-sharing a arrangement? - ✔✔reciprocal.... Units with the same or similar exposure to loss are referred to as - ✔✔homogeneous The growing tendency of individuals to file lawsuit and to claim tremendous amounts for alleged damages is known as - ✔✔legal hazard Which law is the foundation of the statistical prediction of loss upon which rates for insurance are calculated? - ✔✔law of large numbers. a set of legal or regulatory conditions that affect an insurers ability to collect premiums commensurate with the level of risks incurred would be considered a/an - ✔✔legal hazard a peril is most easily defined as - ✔✔The cause of loss insured against which of the following is not a goal of risk retention? - ✔✔to minimize the insured's level of liability in the event of loss the risk of loss may be classified as - ✔✔pure risk and speculative risk. Pure risks involve the probability or possibility of loss with no chance for gain. Pure risks are generally insurable. Speculative risks involve uncertainty as to whether the final outcome will be gain or loss. Speculative risks are generally uninsurable. a person who does not lock the door or does not repair leaks shows an indifferent attitude. This person presents what type of hazard? [Show More]

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