Barnett Chapters 1 and 2 Review Insurance
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| When faced with risk, there are three possible outcomes. | True
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| As individuals we are constantly facing risk in our lives. | True
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| When someone faces the possibility of loss; they are said to be "exposed" to the loss. | True
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| One of your biggest assets is your potential income earnings. | True
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| When risk of loss are enormous you should choose insurance as the best risk management method. | True
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| We take steps to reduce the risk in our lives because we can not predict the future | True
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| A house is real property because it is attached to land. | True
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| The legal term for carelessness is negligence. | True
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| Perils are dangers or difficulties that arise from a particular situation or activity. Ex: Fire, flood, earthquake, etc. | True
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| Hazards are chance; an accident. A chance of being injured or harmed; danger: Space travel is full of hazards. | True
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| Earthquakes, lightning, rain, are examples of natural causes of loss. | True
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| The symbol on the front of a house that determined which fire company would stop and extinguish the fire was called a ___ | fire mark
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| A risk in which there is no possibility of gain is a ____. | Pure Risk
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| A risk in which there is a huge dollar loss, but does not happen often is best managed with ____. | Insurance
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| The term underwrite was first used in the coffee house owned by ____ | Edward Lloyd
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| Property loss is easy to define because you can put a _____ on property. | value
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| Liability loss is not easy to define because you can not put a ___ on it. | value
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| Type of insurance that protects a business. | commercial
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| When a person stands to lose financially if a loss occurs has an ____. | insurable interest
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| The father of modern insurance in the U.S. | Benjamin Franklin
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| A person who pledges financial backing of a risk | underwriter
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| an organization of individual who insure large and unusual risks | Lloyd's of Londan
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| The purpose of insurance is to | protect against loss
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