KENTUCKY LIFE AND HEALTH INSURANCE EXAM PREP| QUESTIONS AND VERIFIED ANSWERS| 100 % CORRECT| GRADE A (NEW UPDATE)

KENTUCKY LIFE AND HEALTH INSURANCE EXAM PREP| QUESTIONS AND VERIFIED ANSWERS| 100 % CORRECT| GRADE A (NEW UPDATE)

Question: What’s the difference between pure and speculative
risk?
ANSWER: Pure risk involves only the possibility of loss, while
speculative risk can result in either loss or gain. Since
speculative risk includes a chance of gain, it is uninsurable.
Question: What’s the difference between a peril and a hazard?
ANSWER: A peril is the direct cause of a loss, while a hazard is
a condition that increases the chances of that loss occurring.
Insurance protects against perils, and hazards are taken into
account during underwriting.
Question: What are 3 hazards most related to life insurance?
ANSWER:
- Moral hazard: Smoking and willingness to defraud
- Morale hazard: Being overweight or inactive
- Physical hazard: Where one works

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