
Insurance Concepts and Principles
Flashcard
•
Business
•
Professional Development
•
Practice Problem
•
Hard
Eddie Emmett
FREE Resource
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73 questions
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1.
FLASHCARD QUESTION
Front
Risk
Back
The chance of loss. Example: Driving a car involves the risk of an accident.
2.
FLASHCARD QUESTION
Front
Exposure
Back
The condition or situation that presents a possibility of loss. Example: A house in a flood zone has flood exposure.
3.
FLASHCARD QUESTION
Front
Hazard
Back
A condition that increases the chance of loss. Example: Faulty wiring is a physical hazard.
4.
FLASHCARD QUESTION
Front
Peril
Back
The actual cause of loss. Example: Fire is a peril that damages property.
5.
FLASHCARD QUESTION
Front
Loss
Back
The reduction in value due to a covered event. Example: A totaled vehicle after a collision.
6.
FLASHCARD QUESTION
Front
Methods of Handling Risk: Avoidance
Back
Eliminating the risk entirely. Example: Not driving to avoid car accidents.
7.
FLASHCARD QUESTION
Front
Methods of Handling Risk: Retention
Back
Accepting the risk and paying out-of-pocket. Example: Choosing a high-deductible health plan.
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