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Purchasing insurance is an example of what type of risk management? TRANSFER
Transferring is a method of handling risk. Which of the following best describes the concept of transfer? PURCHASING INSURANCE
What is the term for an individual who occupies a position of trust when handling the financial affairs of another? Fiduciary
Faulty wiring causes a fire that destroys a building. The faulty wiring is considered to be? A Hazard
A chance, possibility, or uncertainty of loss is known as a Risk
A condition or situation that presents a possibility of loss is An Exposure
What is the actual cause of a loss? Peril
Which of the following is NOT an element of an insurable risk? The Loss Must Be Catastrophic
Which one of the following statements pertaining to risk is NOT correct? A stock Market Venture Is An Example Of A Pure Risk
The insurer of an insurance company is known as a? Reinsurer
Which of the following statements about risk retention groups is NOT true? An RRG typically writes workers' compensation insurance for its members.
With regard to insurance, risk can be defined as? Uncertainty of financial loss
An agent in the XYZ Insurance Company, equipped with business cards, sample XYZ policies, and an XYZ rate book, informs a prospect that XYZ has given him unlimited binding authority. The prospect assumes this true. Given the prospects assumption, which of the following correctly defines the agent's authority in this case? Apparent
Fire would be an example of a? Peril
The agent has many responsibilities to the applicant. One involves a trust relationship between the agent and the insured regarding the insured's finances and confidentiality. In this case, the agent acts in what capacity? Fiduciary
Robert and Carolyn live in a busy city and decides that the solution to not getting into a car accident is to avoid riding in or owning a car. Which of the following methods describes this philosophy? Avoidance
An insurance company that sells insurance only to people who meet specific membership requirements is known as what kind of insurance? Fraternal
Which of the following statements pertaining to insurance companies is CORRECT? The primary purpose of a stock company is to earn profit for its stockholders.
Which one of the following is NOT an agent responsibility? Prepaying the initial premium
Who represents the insurance company and is and direct link between the company and the insureds? An insurance agent
Created by: Pandagirl75
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