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Questions and Answers
What is the primary reason why assets need to be insured?
What is the primary reason why assets need to be insured?
- To increase the value of the assets over time
- To protect against unexpected events that may cause loss or destruction (correct)
- To guarantee a fixed return on investment
- To ensure they remain functional throughout their expected lifetime
What is the definition of a peril?
What is the definition of a peril?
- A type of insurance policy
- A type of asset that is prone to damage
- The cause of loss or an event that may cause a loss (correct)
- The event itself that causes a loss
Why is life considered uncertain?
Why is life considered uncertain?
- Because it is affected by natural disasters
- Because it is affected by unexpected events (correct)
- Because it is affected by predictable events
- Because it is affected by human error
What is an example of a peril?
What is an example of a peril?
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What is the outcome of an unexpected event or accidental occurrence?
What is the outcome of an unexpected event or accidental occurrence?
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