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Barnett Insurance

Barnett Chapters 1 and 2 Review Insurance

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