Insurance Studies > EXAM > Exam FX Latest 2022 Already Passed (All)

Exam FX Latest 2022 Already Passed

Document Content and Description Below

Insurance Terms ✔✔ Purpose of insurance ✔✔To make whole again Transfer ✔✔Basic principle of insurance which the financial loss is assigned to another party. Law of large numbers ✔✔A... principle stating that the larger number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss. Premium ✔✔What you pay a month. Speculative Risk ✔✔The chance of a loss occurring that involves the opportunity for loss or gain. NOT INSURABLE Pure Risk ✔✔Chance of a loss in a situation that can only result in a loss or no change.Insurable Interest ✔✔Any interest an insured may have in property that is the subject of insurance, so that damage of that property would cause the insured financial loss. 3 elements: Financial (monetary interest) Blood (relative) Business (a business partner) Hazards ✔✔Conditions that increase probability of an insured loss occurring. Examples: Smoking, Slippery floor, congested traffic. Peril ✔✔The causes of loss. Examples: Death or cancer. [Show More]

Last updated: 1 year ago

Preview 5 out of 34 pages

Buy Now

Instant download

We Accept: