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Insurance Risk Quiz

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Questions and Answers

What is the definition of speculative risk?

The potential for losses where there is no viable opportunity for any gain

The possibility of loss that might directly affect an individual, such as injury or death

The possibility of something going wrong that would expose your business to financial damages

Price uncertainty and the potential for losses in investments (correct)

What are the outcomes of speculative risk?

A loss

A gain

Nothing or a loss

Nothing, a loss, or a gain (correct)

What is the most important type of risk for homeowners insurance purposes?

Property risk (correct)

Personal risk

Speculative risk

Pure risk

What is the definition of pure risk?

The potential for losses where there is no viable opportunity for any gain Signup and view all the answers

What is the definition of a peril?

The direct cause of a loss Signup and view all the answers

Which type of hazard results from unintentional carelessness or laziness?

Morale hazard Signup and view all the answers

What is the difference between a moral hazard and a morale hazard?

Intent Signup and view all the answers

Which type of insurance covers only the perils listed in the policy?

Named perils insurance Signup and view all the answers

What does a physical hazard do?

Increases the likelihood of a loss occurring due to inadequacies in the condition, structure, or operation of an insured property Signup and view all the answers

Which factor or activity may cause or exacerbate a loss?

Hazard Signup and view all the answers

What is the source of the loss?

Peril Signup and view all the answers

Which type of coverage protects against any loss that is not specifically excluded?

Special form coverage Signup and view all the answers

What is the intent behind a moral hazard?

Deliberate intent to deceive Signup and view all the answers

What results from fraudulent acts committed by an insured?

Moral hazard Signup and view all the answers

What does a legal hazard do?

Increases the likelihood and severity of a loss due to a condition imposed by the legal process Signup and view all the answers

What is the potential for a loss?

Risk Signup and view all the answers