Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Course
Wisconsin Casualty Insurance
Institution
Wisconsin Casualty Insurance
Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) A situation in which a person can experience only a loss and no gainpresents
what type of risk?
ANS Pure Risk
2. A tornado that destroys a property would be an example of what?
ANS Peril
3. Wh...
20. What are the four elements of an insurance contract?
ANS Agreement, consid-eration, competent parties and legal purpose
21. What is a warranty in an insurance contract?
ANS An absolutely true statementupon which the validity of the policy depends
22. What are the three types of hazards?
ANS Physical, Moral, Morale
23. What are three types of agent authority?
ANS express, implied, apparent
24. What are the methods of managing risk?
ANS Avoidance, transfer, sharing, reten-tion, and reduction
25. Wagering on a sporting event is known as what type of risk?
ANS Speculative
26. What is consideration on the part of the insurer?
ANS A promise to pay in theevent of a loss
27. What are the five characteristics of an ideally insurable risk?
ANS Loss must be,due to chance, definite and measurable, statistically predictable, not
catastrophic, and coverage cannot be mandatory
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