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ARKANSAS STATE EXAM FOR PROPERTY AND
CASUALTY EXAM AND FINAL PRACTICE EXAM
450 QUESTIONS AND
CORRECT DETAILED ANSWERS (
ANSWERS)
What is Insurance?
Transfers the risk of loss from individual to insurance co.
What is Risk?
Chance of loss occuring
What are 3 types of Hazzards?
Physical, Moral, Morale
What is a Peril?
Causes of loss insured against
What does Indemnify mean?
Right for Reimbursement but only to the extent of the loss. Cannot gain
from loss.
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