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1. Which of the following would be considered a speculative risk ANS The possi-bility the painting you bought might be a long-lost masterpiece
A speculative risk is one in which there is a chance for either loss or gain. Example:Gambling, Casino's, Lottery, etc. All of the other choices describe pure risk, wherethere is no chance of gain, only a chance of loss exists.
2. Which is the proper term for a company owned by its policy owners ANS Amutual insurance company
3. A producer who is acting as an agent is representing ANS Always the insurer
4. All of the following are elements of a contract, except ANS Authority
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