General InsuranceSeen in 1175 questions
Insurance
A contract in which one party (the insurer) agrees to indemnify another (the insured) against loss, damage, or liability arising from an unknown event. Insurance spreads the cost of losses across a pool of similar risk exposures.
Drill all 803 terms as flip-card flashcards in the Exam Engine →
Practice This Concept
- General InsuranceIn insurance terminology, "risk" is most accurately defined as:
- General InsuranceA windstorm tears the roof off a house and the homeowner files a claim. For insurance c…
- General InsuranceA small business decides to absorb minor equipment repairs out of pocket but buys comme…
- General InsuranceThe doctrine of utmost good faith in an insurance contract requires:
- General InsuranceLife insurance is a "valued" contract rather than a strict indemnity contract. This mea…
- General InsuranceThe primary purpose of underwriting in life insurance is to:
Practice all general insurance questions →