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Elements of Insurable Risks

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Question 1 of 5

1. Question

Jose wants to buy an insurance policy that will reimburse him if there is “bad weather” next week Saturday. He is having a hard time finding an insurance company that will sell him such a policy. Why?

"Bad weather" is not definite and measurable.

"Bad weather" is not due to chance.

"Bad weather" is definite and measurable.

"Bad weather" is not catastrophic.

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Question 2 of 5

2. Question

Johnny has a bad driving history including many accidents and drunk driving convictions. Why did ACME Insurance company deny his application for insurance?

His losses were not measurable.

His risk is not due to chance.

His losses were not definite.

His risk is not catastrophic.

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Question 3 of 5

3. Question

Which of the following is an element of insurable risks?

Not due to chance

Not definite

Catastrophic

Statistically predictable

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Question 4 of 5

4. Question

On the homeowners insurance policies that Splendid Insurance Company sells, it excludes (does not cover) damage caused by wars and floods. Why?

Because the destruction caused by wars and floods is statistically predictable.

Because the destruction caused by wars and floods can be catastrophic.

Because the destruction caused by wars and floods is due to chance.

Because the destruction caused by wars and floods is never catastrophic.

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Question 5 of 5

5. Question

Totally Terrific Insurance Company sells many different insurance products to many different people throughout all 50 states. Which element of insurable risks is this insurer satisfying?

Not due to chance

Not measurable

Catastrophic

Large, diverse pool of risks

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