Florida 2-15 Questions and Answers<\/p>\n\n\n\n
Florida 2-15 Questions and Answers
When a stock life insurance company issues both participating and nonparticipating
policies, it is referred to as a company doing business as a: [Ans: – Mixed plan
A peril is the cause of a risk. A hazard is the source of danger. [Ans: – Peril, hazard
Stock insurers are owned by policyholders, whereas mutual insurer are owned by
stockholders [Ans: – False
Both stock and mutual companies can write life health and property and casual the
insurance [Ans: – true
In a reciprocal insure structure, each policyholder ensures the risk of the other
policyholders [Ans: – True
Risk retention groups are a form of mutual ensures [Ans: – True
The true significance of insurance is replace the unknown with [Ans: – A sense of
security
Health insurance is based on scientific principles, whereas life insurance is based
on actuarial or mathematical principles [Ans: – True
The biggest ( ) is the basic principle of insurance that the larger the number of
individual risk combined into a group the more certainty there is in predicting the
degree of amount of loss that will be incurred in any given. Period. [Ans: – Law of
large numbers<\/p>\n\n\n\n
Mortality concerns the number of deaths that occur at a specific time in a specific
group or a form of specific cause. Morbidity concerns the presence of illness or
disease [Ans: –
Risk pulling is also known as law sharing [Ans: – True
pure risk involves the possibility of loss only whereas speculative risk involves the
possibility of loss and game [Ans: – True
The systematic selection of loss exposure is prohibited due to the rules of adverse
selection [Ans: – True
A body disease of endangerment, such as cancer presents, a physical hazard and
unhealthy habit such a smoking presence, a moral habit and a mental trait, such as
road rage presents a morale hazard [Ans: – Hazard, Moral, morale
Risk, avoidance occurs when an individual includes risk entire [Ans: – Avoidance
Risk reduction is when the chances of loss are lessened [Ans: – Reduction
Risk retention occurs When an individual takes precautions for protection by
allowing another party, to maintain a portion of the risk [Ans: – Retention
Risk transfer occurs when an individual shifts. The responsibilities are covering the
risk to another. [Ans: – Transfer
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