Chapter 1 - Fundamentals of Insurance QUESTIONS WITH COMPLETE SOLUTIONS
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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 provides for payment for the losses of those who ... have claims Basis of Credit System Correct Answer: Consumer access to insurance frees up credit Eliminates Worry - Encourages Entrepreneurship Correct Answer: - Allows people to engage in many ventures w/o having to set money aside (for future losses) - Premium (defined expenditure) - Covers large but uncertain losses - making you _________. [Show More]
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