for the purpose of insurance risk is defined as quizlet


Chapter 1: Purpose Of Insurance Flashcards | Quizlet

Start studying Chapter 1: Purpose Of Insurance. A specified sum of money upon the death of the person who is insured. What is What is definition of Risk?

1. Principles of insurance Flashcards | Quizlet

In the strict insurance definition, risk is the uncertainty regarding financial loss. Insurance is used to minimize the risk of uncertainty by spreading the risk over a large enough number of similar exposures to predict the individual chance of loss. Risk is the uncertainty regarding the occurrence of financial loss.

Principles Of Insurance Flashcards | Quizlet

Principles Of Insurance study guide by 14tmcnamara includes 27 questions covering vocabulary, terms and more. A) Uncertainty regarding financial loss is the definition of risk; therefore, it is characteristic of The purpose of insurance is to:.

FL 2-15 Insurance. Chapter 1 Flashcards | Quizlet

Purpose of Health Insurance. To offset financial Spreads financial risk over lg group to minimize loss to any one individual. Risk is Concept of Risk (defined).

FBLA Insurance & Risk Management Flashcards | Quizlet

Risk. Uncertainty of something, concerns a loss. Risk refers to ___ and ___ being injured. Property & Life. Objective Risk. Defined as relative variation of actual

Chapter 1- Purpose of Life & Health Insurance Flashcards | Quizlet

Florida Health Insurance Chapter 1- Purpose of Life & Health Insurance study guide by kap4ww includes 41 Social device for minimizing risk uncertainty regarding loss by spreading the risk over a large enough .. What does that mean?

Insurance P&C-Unit 1 Flashcards | Quizlet

In the strict insurance definition, risk is the uncertainty regarding financial loss. The purpose of insurance is to protect against losses caused by pure risk.

2. Nature of insurance, risk, perils and hazards Flashcards | Quizlet

Nature of insurance, risk, perils and hazards. Purpose of insurance Not considered to be a definition of the term loss A hazard can Be best described as.

Chapter 2: Nature of Insurance Flashcards | Quizlet

Start studying Chapter 2: Nature of Insurance. Risk Pooling, also known as loss sharing, spreads risk by sharing the Insurers must minimize adverse selection, which is defined as the tendency for poorer Chapter 1: Purpose Of Insurance.

Chapter 2: Nature of Insurance, Risk, Perils and Hazards - Quizlet

Start studying Chapter 2: Nature of Insurance, Risk, Perils and Hazards. of the following can be defined as a cause of a loss? A. Adversity B. Risk C. Hazard