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Property and Casualty insurance exam questions and answers already passed

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Insurance ✔✔The transfer of risk through a legal contract Property ✔✔Covers real property and personal property against damage or loss resulting from covered causes of loss called perils ca... sualty ✔✔covers non-property losses (3rd Party) Personal lines ✔✔Insurance for families and individuals Commercial Lines ✔✔Insurance for Business Risk ✔✔Uncertainty of financial loss Pure Risk ✔✔Chance of loss only (insurance only covers) Speculative Risk ✔✔Chance of loss or gain law of large numbers ✔✔as the number of homogenous loss exposures increases, the more accurate claims can be predicted from the group [Show More]

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