ILLINOIS STATE PROPERTY/CASUALTY EXAM QUESTIONS AND ANSWERS

ILLINOIS STATE PROPERTY/CASUALTY EXAM QUESTIONS AND ANSWERS ( )
Question : ISO (Insurance Services Office)
CORRECT ANSWER: ISO creates standardized
property and casualty insurance policies that are approved
by states and used as a standard policy for insurers.
-they can be modified to comply with state regulations
-may be modified to a degree for insurance companies to
create their own policy form
Question : define insurance
CORRECT ANSWER: Insurance transfers the risk of
loss from an individual or business entity to an insurance
company, which in turn spreads the costs of unexpected
losses to many individuals
Question : define risk

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