COMMERCIAL LINES 101 CE QUESTIONS AND ANSWERS

COMMERCIAL LINES 101 CE QUESTIONS AND ANSWERS
Question : Insurer
CORRECT ANSWER: The insurance company
Question : Named Insured/Insured
CORRECT ANSWER: The policyholder
Question : Financial Definition of Insurance
CORRECT ANSWER: A financial agreement involving
the redistribution of financial losses
Question : Legal Definition of Insurance
CORRECT ANSWER: A contractual agreement in
which one party (the insurer) agrees to compensate or
indemnify another party (the insured) for fortuitous losses
Question : Loss Pooling

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