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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.

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[Solved] 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 cov...
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