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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is insurance? |
The transfer of risk. |
Risky |
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How many insurances are there? |
Two |
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What are the two types of insurance? |
Life and Health |
Live healthy |
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What is pure risk? |
The chance of loss, and no chance of gain. |
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True or false: Only pure risk are insurable. |
True but not all pure risk are insurable. |
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What does a hazard do? |
Increases the possibility of loss |
Lossing out |
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How many hazards are there? |
Four |
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What are the four hazards? |
Physical, moral, morale, legal |
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What do moral hazards affect? |
Your character |
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What do morale hazards affect? |
Your attitude |
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What do perils do? |
They actually cause the loss. |
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List different types of perils. |
Death(life insurance), sickness(health insurance), injury, fire, robbery, etc. |
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What does an insurer do? |
Makes a promise |
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What does the owner have? |
All the rights to the policy |
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The premium payor has what responsibility? |
To make the payments. |
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The beneficiary reaps what? |
The benefits of the policy. |
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The applicant does what? |
Answers all the questions on the application. |
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True or False: The insured, owner, premium payor, and applicant are usually the same person. |
True |
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True or false: Life insurance policies are considered to be property. |
True |
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