PERSONAL LINES FINAL EXAM WITH CORRECT ANSWERS

PERSONAL LINES FINAL EXAM WITH CORRECT ANSWERS
Question : Statements made in the application are considered:
A. Warranties
B. Representations
C. Possible Concealments
D. None of the Above
CORRECT ANSWER: B. Representations
Question : The definition of Risk is:
A. Uncertainty regarding loss
B. A chance of gain
C. Uncertainty regarding gain or profit
D. Intended unforseen damage to property for gain or profit
CORRECT ANSWER: A. Uncertainty regarding loss
Question : A financial device for transferring or shifting risk
from an individual or entity to a large group with the same
risk is the definition of:
A. Avoidance
B. Retention
C. Transfer
D. Insurance
CORRECT ANSWER: D. Insurance

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