Insurance Studies > EXAM > Exam FX Insurance Terms and Related Concepts Questions and Answers Rated A (All)
Exam FX Insurance Terms and Related Concepts Questions and Answers Rated A
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Insurance ✔✔Transfers risk of loss from an individual or business to a company Law Of Large Numbers ✔✔States that the larger # of people with a similar exposure to loss, the more predictable... the losses will be Insurable Interest ✔✔The insured would become subject to financial loss if the insured property was damaged. 3 Elements Of Insurable Risk ✔✔* Financial (monetary interest) *Blood (relative) *Business (business partner) Risk ✔✔Uncertainty or chance of loss occurring. Pure Risk ✔✔Situations that can only cause loss an [Show More]
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