Summary: Life & Health Insurance
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1 Life & Health Insurance
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The principle that restores someone to the condition they were before a loss is
indemnity -
A situation that increases the likelihood of a loss occurring is
a hazard -
A risk that offers the possibility of a loss or gain is
a speculative risk -
Not being involved in an activity that increases the chance of a loss occurring would be an example of
risk avoidance -
Wearing a seat belt would be an example of
risk reduction -
Lying on an insurance application would be considered what type of hazard
Moral -
Driving too fast and not wearing a seat belt would best describe
moral hazard -
The principle used to establish mortality and morbidity tables is known as
law of large numbers -
An insurance contract is one in which the insurer promises to indemnify an insured from loss, damage, or liability in the event of
a contingent or unknown event -
The fact that losses must be predicted for insurers based on a large number of loss exposures is based on
law of large numbers
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