CA
California Insurance Exam Prep
California Insurance Exam Prep
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Chapter 1
Basic Insurance Concepts and Principles
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What insurance is, and which events can be insured
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Risk: pure vs. speculative
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Peril vs. hazard, and the four kinds of hazard
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Loss vs. loss exposure, and the law of large numbers
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Risk management techniques and the role of deductibles
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What makes a risk ideally insurable
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Insurable interest and indemnity
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Underwriting, adverse selection, and spread of risk
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Benefits and costs of insurance to society
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Reinsurance: insurance for insurers
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Classes of insurance in the Insurance Code
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