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LH Chapter 1 FL Manual

Quiz by Brian Morton

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7 questions
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  • Q1
    Which of the following insurance concepts is founded on the ability to predict the approximate number of deaths or frequency of disabilities within a certain group during a specific time?
    Quantum insurance principle
    Indemnity law
    Principle of large loss
    Law of large numbers
    60s
  • Q2
    Which of the following statements is CORRECT?
    Both pure risks and speculative risks are insurable
    Only pure risks are insurable
    Only speculative risks are insurable
    Neither pure risks nor speculative risks are insurable
    60s
  • Q3
    Which of the following statements does NOT describe an element of an insurable risk?
    The loss exposures to be insured must be large
    The loss cannot be catastrophic
    The loss must be definite and measurable
    The loss must not be due to chance
    60s
  • Q4
    Buying insurance is one of the most effective ways of
    Transferring risk
    Reducing risk
    Avoiding risk
    Retaining risk
    60s
  • Q5
    Which of the following best describes the function of insurance?
    It creates and protects risks
    It spreads financial risk over a large group to minimize the loss to any one individual
    It is a form of legalized gambling
    It protects against living too long
    60s
  • Q6
    A tornado is an example of
    A moral hazard
    A peril
    physical hazard
    A speculative risk
    60s
  • Q7
    Tom buys his wife Mary a $50,000 diamond ring. When she is not wearing the ring, she keeps it in a safe deposit box at the local bank. This is an example of risk
    Retention
    Reduction
    Avoidance
    Transference
    60s

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