Business Law > QUESTIONS & ANSWERS > USAA Licensing Exam 2023 (All)
USAA Licensing Exam 2023
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Insurance - ANS-Transfer of risk from one person or organization to an insurance company Indemnity - ANS-The principle to restore the insured to the pre-loss economic or financial condition. Law o... f Large numbers - ANS-Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - ANS-Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - ANS-Temporary insurance contract; commits the company to act as if a policy has been issued [Show More]
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