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Questions and Answers
What is the definition of speculative risk?
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?
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?
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?
What is the definition of pure risk?
What is the definition of a peril?
What is the definition of a peril?
Which type of hazard results from unintentional carelessness or laziness?
Which type of hazard results from unintentional carelessness or laziness?
What is the difference between a moral hazard and a morale hazard?
What is the difference between a moral hazard and a morale hazard?
Which type of insurance covers only the perils listed in the policy?
Which type of insurance covers only the perils listed in the policy?
What does a physical hazard do?
What does a physical hazard do?
Which factor or activity may cause or exacerbate a loss?
Which factor or activity may cause or exacerbate a loss?
What is the source of the loss?
What is the source of the loss?
Which type of coverage protects against any loss that is not specifically excluded?
Which type of coverage protects against any loss that is not specifically excluded?
What is the intent behind a moral hazard?
What is the intent behind a moral hazard?
What results from fraudulent acts committed by an insured?
What results from fraudulent acts committed by an insured?
What does a legal hazard do?
What does a legal hazard do?
What is the potential for a loss?
What is the potential for a loss?
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