Exam 20: Personal Financial Planning

Under the rule of indemnity the insured is limited collect only the amount of the loss.

___ is the most common way of dealing with risk.

Risk is a daily fact of life for both individuals and businesses.

The alternatives to handle risk include ____.

An insurable interest is required in order to purchase insurance.

Crop insurance normally falls under a public insurance agency.

Speculative risk only involves the change of loss.

In order to be insured an applicant needs to show ____.

_____ is uncertainty about loss or injury.

Liability insurance protects a business against financial losses to others that the business was responsible for.