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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
- Exam (elaborations)
- • 21 pages •
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
Fundamentals of Insurance BC questions and answers graded A+
Fundamentals of Insurance BC 
questions and answers graded A+ 
What is the major function of insurance? - ANSWERS to allow the spread of risk 
What are the five important functions of insurance? - ANSWERS 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 exposed to 
5) the indemnit...
- Exam (elaborations)
- • 16 pages •
Fundamentals of Insurance BC 
questions and answers graded A+ 
What is the major function of insurance? - ANSWERS to allow the spread of risk 
What are the five important functions of insurance? - ANSWERS 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 exposed to 
5) the indemnit...
FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS
FUNDAMENTALS OF INSURANCE BC 
EXAM 100% QUESTIONS AND 
ANSWERS 
RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS 
PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - ANSWERS 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 CLAIM? - ANSWERS 
THE INSURER 
INSURA...
- Package deal
- Exam (elaborations)
- • 18 pages •
FUNDAMENTALS OF INSURANCE BC 
EXAM 100% QUESTIONS AND 
ANSWERS 
RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS 
PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - ANSWERS 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 CLAIM? - ANSWERS 
THE INSURER 
INSURA...
Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
- Package deal
- Exam (elaborations)
- • 21 pages •
Fundamentals of Insurance (BC) - 
Self-Examination Chapter Questions 
and correct answers 
What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3...
Ati fundamentals of Insurance exam 100% questions and answers
Ati fundamentals of Insurance exam 
100% questions and answers 
The coverage limits on Homeowners Insurance Policies are determined after calculating 
the Replacement Cost of the dwelling building. Once this value is determined, the rest 
of the coverage limits are calculated. Which of the following coverage limits is correct? 
a) Personal Property- 100% of Coverage A 
b) Detached Private Structures - 10% of Coverage A 
c) Additional Living Expenses- - 10% of Coverage A 
d) Dwelling- 100% of ...
- Package deal
- Exam (elaborations)
- • 19 pages •
Ati fundamentals of Insurance exam 
100% questions and answers 
The coverage limits on Homeowners Insurance Policies are determined after calculating 
the Replacement Cost of the dwelling building. Once this value is determined, the rest 
of the coverage limits are calculated. Which of the following coverage limits is correct? 
a) Personal Property- 100% of Coverage A 
b) Detached Private Structures - 10% of Coverage A 
c) Additional Living Expenses- - 10% of Coverage A 
d) Dwelling- 100% of ...