New York Adjuster Exam 3 (+100 Questions and Answers 2023
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New York Adjuster Exam 3 (+100 Questions and Answers 2023
Insurance {{Correct Ans- A method of handling pure risk, by spreading it over a large number of similar individuals.
Law of Large Numbers {{Correct Ans- Insurers can calculate their probable losses and establish premium rates that are accurate enough to cover claims, pay operating expenses, and make a profit.
Principle of Indemnity {{Correct Ans- An insured who suffered a loss, should only be restored to the approximate financial condition that existed prior to the loss, no better and no worse.
Insurance Interest {{Correct Ans- A person must have a lawful, substantial, and economic interest in the life, health, property, or object being covered under the insurance contract.
Risk {{Correct Ans- The possibility that a loss might occur and is the reason that people buy insurance.
Pure Risk {{Correct Ans- A situation where there is only the possibility of a loss, there is never the possibility of a profit or financial gain.
Speculative Risk {{Correct Ans- A situation where either a profit or loss is possible.
Peril {{Correct Ans- Actual cause of a loss, for example, fire, windstorm or hail.
Hazard {{Correct Ans- A condition that increases the possibility, of severity of a loss.
[Solved] New York Adjuster Exam 3 (+100 Questions and Answers 2023
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- Submitted On 09 Mar, 2023 03:53:19
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