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Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers
- Exam (elaborations) • 21 pages • 2024
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What is the major function of insurance? - ANSWERS To allow the spread of risk. 
Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the 
many" 
What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 
2. Eliminates worry - Encourages Entrepreneurship 
3. Loss Prevention and Loss Reduction 
4. Source of Employment and Investment Capital 
What are the 3 types of property and casuality (general) insurance? - ANSWERS 1. 
Automobile 
2. Property 
...
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