Oregon Property And Casualty
To help study for the State Exam. .
- 1.What is a Risk?
- A.
Chance of loss or uncertainty
- B.
What causes a loss
- C.
Anything that increases the chance of loss
- 2.What is Speculative Risk?
- A.
A definite loss
- B.
Chance of a loss or a gain
- C.
Chance of a loss only
- 3.What is Pure Risk?
- A.
Chance of a gain or a loss
- B.
Chance of a loss only
- C.
The loss itself
- 4.How can one Manage Risk.. Check all the apply
- A.
Avoid
- B.
Retain
- C.
Accept
- D.
Reduce/control
- E.
Transfer
- F.
Distribute
- 5.Insurance is a contract (a social device for transferring risk) where the insurer agrees to indemnify (pay the amount lost covered by insurance) in exchange for the premiums in the event of a covered loss.
- A.
True
- B.
False
- 6.What the the Elements of an Insurable Risk=Insurability...Check all the apply
- A.
Definite Loss
- B.
Accidental Loss
- C.
Calculable Loss
- D.
Large Loss
- E.
Insurance needs to be affordable/ economically feasible
- F.
Predictable Loss
- G.
Can not be catastrophic
- 7.What is Exposure?
- A.
What is subject to loss
- B.
The cause of loss
- C.
What increases the chance of loss
- 8.A peril is _________?
- 9.A Hazard is ________?
- 10.What are Stock Insurers?
- A.
They are owned and managed by stockholders, and the profits go to the stockholders
- B.
They are owned and managed by policyholders, and the profits go to the policyholders
- C.
They have members who agree to share each others losses and are managed by an attorney in fact.
- 11.What are Mutual Insurers?
- A.
They have members who agree to share each others losses and are managed by an attorney in fact.
- B.
They are owned and managed by policyholders, and the profits go to the policyholders
- C.
They are owned and managed by stockholders, and the profits go to the stockholders
- 12.What are Reciprocal Insurers (unincorporated)?
- A.
They have members who agree to share each others losses and are managed by an attorney in fact.
- B.
They are owned and managed by stockholders, and the profits go to the stockholders
- C.
They are owned and managed by policyholders, and the profits go to the policyholders
- 13.What are Risk Retention/Purchasing Groups?
- A.
They are large Self-insurers who have liability insurance only and can retain their own risks
- B.
They are on a lodge system managed by an attorney in fact
- C.
They purchase insurance for the company as cheap as they can in order to make a profit off the premiums
- 14.Check all the Independent Rating Services that apply
- A.
A.M. Best
- B.
A.M. West
- C.
Standard/Poor's
- D.
Moody-Weiss
- E.
Moody's
- F.
Fitch-Weiss
Questions: 22 | Attempts: 17458 | Last updated: Mar 22, 2022
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