General insurance Flashcards by nana Adusepoku

Q

Insurance

A

is the transfer of risk of loss

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Risk

A

is the uncertainty or chance of loss occuring

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What are the two types of risk?

A

Pure risk
Speculative risk

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Pure risk

A

Is loss or nothing no chance of gain

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Speculative risk

A

Loss or gain (ex. gambiling)

How well did you know this?

1

Not at all

2

3

4

5

Perfectly