• List and briefly describe the three broad categories of hazard risks.
• How is loss prevention different from loss reduction? Give some examples of each
• Describe the difference between the covariance and the correlation.
• The term insurance can be defined in both financial and legal terms. How do these definitions differ?
• What is the difference between insurable losses and depreciation expenses?
• Why are floods and earthquakes difficult to insure in a privately operated insurance system?
• Describe an aspect of insurance that is not consistent with the characteristics of competitive markets.
• Explain the difference between an uninsured and an underinsured motorist.
• Define the term gross estate, and indicate how it differs from a taxable estate.
• Define the terms insured, owner, and beneficiary.
• What kinds of property are covered by floater policies?