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FUNDAMENTALS OF INSURANCE QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
FUNDAMENTALS OF INSURANCE QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
RISK - correct answer IS THE CHANCE OF FINANCIAL LOSS 
PERIL - correct answer IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - correct answer IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - correct answer MEANS RESTORING THE INSUREDS TO THE SAM 
FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. 
WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLA...
- Exam (elaborations)
- • 36 pages •
FUNDAMENTALS OF INSURANCE QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
RISK - correct answer IS THE CHANCE OF FINANCIAL LOSS 
PERIL - correct answer IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - correct answer IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - correct answer MEANS RESTORING THE INSUREDS TO THE SAM 
FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. 
WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLA...
Fundamentals of Insurance BC QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
Fundamentals of Insurance BC QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
What is the major function of insurance? - correct answer to allow the spread of risk 
What are the five important functions of insurance? - correct answer 1) insurance is the 
shifting of financial responsibility for a loss 
2) payment will be made only in the event of an insured risk 
3) the amount of payment is restricted to the amount required to indemnify the insured 
4) insurance covers losses the object may be ...
- Exam (elaborations)
- • 10 pages •
Fundamentals of Insurance BC QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
What is the major function of insurance? - correct answer to allow the spread of risk 
What are the five important functions of insurance? - correct answer 1) insurance is the 
shifting of financial responsibility for a loss 
2) payment will be made only in the event of an insured risk 
3) the amount of payment is restricted to the amount required to indemnify the insured 
4) insurance covers losses the object may be ...
Fundamentals Of Insurance (BC)solved QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
Fundamentals Of Insurance (BC)solved QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
Insurance plays an important role in managing financial risk. The main purpose of 
Insurance is to: 
A. Enable the consumer to obtain loan or mortgage. 
B. Provide employment and investment capital. 
C. Allow spread of risk. 
D. Reduce losses through loss prevention and loss reduction. - correct answer C. Allow 
spread of risk. 
When the insurer terminates an insurance policy, ALL of the following conditions a...
- Exam (elaborations)
- • 56 pages •
Fundamentals Of Insurance (BC)solved QUESTIONS AND 
ANSWERS RATED A+ 2023|2024 UPDATE 
Insurance plays an important role in managing financial risk. The main purpose of 
Insurance is to: 
A. Enable the consumer to obtain loan or mortgage. 
B. Provide employment and investment capital. 
C. Allow spread of risk. 
D. Reduce losses through loss prevention and loss reduction. - correct answer C. Allow 
spread of risk. 
When the insurer terminates an insurance policy, ALL of the following conditions a...
Fundamentals of Insurance - Practice Exam 12 QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE
Fundamentals of Insurance - Practice Exam 12 QUESTIONS 
AND ANSWERS RATED A+ 2023|2024 UPDATE 
A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance 
clause on the policy. The building was totally destroyed by fire last weekend. The 
insured would receive a settlement of: 
a. 7,000 
b. 12,000 
c. 30,000 
d. 37,5000 - correct answer c. 30,000 
The reinstatement clause contained in most policies of commercial property insurance 
provided that: 
a. The insureds shall...
- Exam (elaborations)
- • 26 pages •
Fundamentals of Insurance - Practice Exam 12 QUESTIONS 
AND ANSWERS RATED A+ 2023|2024 UPDATE 
A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance 
clause on the policy. The building was totally destroyed by fire last weekend. The 
insured would receive a settlement of: 
a. 7,000 
b. 12,000 
c. 30,000 
d. 37,5000 - correct answer c. 30,000 
The reinstatement clause contained in most policies of commercial property insurance 
provided that: 
a. The insureds shall...
Xcel Solutions Property & Casualty Exam Questions and Answers
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
the answers are incorrect
Product Owner/ Product Manager(POPM) SAFe Agile Exam Questions and Answers
CT DMV Knowledge Test 100% Correct Solved
Fiscal Law Final Exam QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE