Matthew Grindstaff
Quiz by , created more than 1 year ago

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Matthew Grindstaff
Created by Matthew Grindstaff over 7 years ago
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Insurance Principals and basic Law

Question 1 of 8

1

Insurance is based on a mathematical principal called the Law of Large Numbers.

Select one of the following:

  • True
  • False

Explanation

Question 2 of 8

1

What are the 3 Types of Risk?

Select one or more of the following:

  • Speculative

  • Protective

  • Pure

  • Insurable

Explanation

Question 3 of 8

1

When there is a chance of gain as well as a chance of loss.

Select one of the following:

  • Pure

  • Insurable

  • Speculative

Explanation

Question 4 of 8

1

Insurance is intended to protect against a chance of gain as well as a chance of loss..

Select one of the following:

  • True
  • False

Explanation

Question 5 of 8

1

When there is a chance of loss only.

Select one of the following:

  • Speculative

  • Pure

  • Insurable

Explanation

Question 6 of 8

1

All pure risk are insurable.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 8

1

One that an insurance company is willing to accept.

Select one of the following:

  • Insurable

  • Pure

  • speculative

Explanation

Question 8 of 8

1

Check all that apply that must be in place before its insurable.

Select one or more of the following:

  • The loss must be measurable.

  • Low probability of loss occurring.

  • The loss must be rigorous.

  • Less than catastrophic results.

  • The loss most be significant.

Explanation

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