UNDERSTAND CONCEPTS Determine the best answer for each of the following questions. 1. A(n) ? means that the insured will suffer a financial loss if the insured event occurs. a. peril c. risk b. insurable interest d. none of the above 2. The business activity in which each insurance application is carefully reviewed to make sure all information needed to make a decision is available and accurate is known as a. rate making c. investing b. claims processing d. underwriting 3. With ? defined amount of the costs. a. dividends c. coinsurance b. deductibles d. premiums 4. True or False? Insurance transfers some risk faced by an individual or organization to others. 5. True or False? An insurance salesperson can actually represent several insurance companies rather than just one. UNDERSTAND CONCEPTS Determine the best answer for each of the following questions. 1. A(n) ? means that the insured will suffer a financial loss if the insured event occurs. a. peril c. risk b. insurable interest d. none of the above 2. The business activity in which each insurance application is carefully reviewed to make sure all information needed to make a decision is available and accurate is known as a. rate making c. investing b. claims processing d. underwriting 3. With ? defined amount of the costs. a. dividends c. coinsurance b. deductibles d. premiums 4. True or False? Insurance transfers some risk faced by an individual or organization to others. 5. True or False? An insurance salesperson can actually represent several insurance companies rather than just one