7191688
Description
Quiz by Matthew Grindstaff, updated more than 1 year ago
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Created by Matthew Grindstaff
over 7 years ago
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Question 1
Question
Insurance is based on a mathematical principal called the Law of Large Numbers.
Answer
- True
- False
Question 2
Question
What are the 3 Types of Risk?
Answer
-
Speculative
-
Protective
-
Pure
-
Insurable
Question 3
Question
When there is a chance of gain as well as a chance of loss.
Answer
-
Pure
-
Insurable
-
Speculative
Question 4
Question
Insurance is intended to protect against a chance of gain as well as a chance of loss..
Answer
- True
- False
Question 5
Question
When there is a chance of loss only.
Answer
-
Speculative
-
Pure
-
Insurable
Question 6
Question
All pure risk are insurable.
Answer
- True
- False
Question 7
Question
One that an insurance company is willing to accept.
Answer
-
Insurable
-
Pure
-
speculative
Question 8
Question
Check all that apply that must be in place before its insurable.
Answer
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The loss must be measurable.
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Low probability of loss occurring.
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The loss must be rigorous.
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Less than catastrophic results.
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The loss most be significant.
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