This chapter reviews basic principles that provide a foundation for the insurance industry. They range from the concept of risk, to the idea that individuals and businesses can minimize losses by transferring and sharing risks, to the application of the law of large numbers. Various principles also determine why some risks of loss are insurable whereas others are not.
Transfer
Retention
Avoidance
Reduction
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Physical
Moral
Morale
Obvious
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Avoidance
Reduction
Retention
Transfer
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Retention
Control
Avoidance
Transfer
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LaTonya
John
LaTonya's son, who would like to inherit the home some day
First City Bank
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Quiz Review Timeline (Updated): Mar 22, 2023 +
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Virtual AIDA Assessment For Allan
This assessment, titled 'Virtual AIDA Assessment for Allan,' evaluates knowledge on insurance principles and risk management. It covers topics like coverage limits, types of...
Questions:
50 |
Attempts:
522 |
Last updated:
Mar 20, 2023
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Chapter 1: Basic Principles Of Life And Health Insurance
This quiz focuses on fundamental principles of life and health insurance, covering topics such as reinsurance, regulatory exemptions, types of insurance companies, and consumer...
Questions:
15 |
Attempts:
596 |
Last updated:
Jan 30, 2023
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Insurance Trivia: MCQ Quiz!
Insurance Trivia: MCQ Quiz tests knowledge on key insurance principles like indemnity, ownership of mutual insurance, necessary policies for landlords, and specific historical...
Questions:
11 |
Attempts:
181 |
Last updated:
Mar 20, 2023
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Insurance Processes - Quiz 2
This quiz covers key principles of insurance, including the necessity of insurable interest, the concept of indemnity, and the principle of utmost good faith.
Questions:
18 |
Attempts:
168 |
Last updated:
Aug 27, 2023
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TEST #1 (100 Ques.)
TEST #1 (100 ques.) assesses knowledge in insurance principles such as indemnity, insurable interest, and types of insurers. It is designed for individuals preparing for...
Questions:
100 |
Attempts:
121 |
Last updated:
Mar 20, 2023
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Life Agent: Section 1 - Basic Insurance Concepts And Principles
This quiz assesses foundational knowledge in basic insurance concepts and principles. It covers the purpose of insurance, definitions from societal and individual perspectives,...
Questions:
34 |
Attempts:
564 |
Last updated:
Mar 21, 2023
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