Study 1

Question 1

What are three types of insurable risks?

Answer 1

1. Property Risk
2. Personal Risk
3. Liability Risk

Question 2

What are three classes of insurance risks?

Answer 2

1. Personal Lines
2. Commercial Lines
3. Special Risks

Question 3

What term is used to describe an event that caused a loss covered by the policy?

Answer 3

Peril

Question 4

What are two types of hazards?

Answer 4

1. Physical

2. Moral

Question 5

A condition that may cause a peril to occur is……

Answer 5

Hazard