📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Circumstance including possibility of loss or no loss

    but no possibility of gain is termed as?
    A Product Liability Correct Answer Incorrect Answer
    B Pure Risk Correct Answer Incorrect Answer
    C Pure Premium Correct Answer Incorrect Answer
    D Retrospective Rating Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Pure risk, also known as absolute risk, is a category of hazard in which the outcomes are a loss or no loss, and there is no opportunity for gain. ... There are products available to mitigate pure risk hazards, such as homeowners insurance, which helps protect homeowners against the destruction of their homes.

    Practice Next
    More Insurance Awareness Questions
    ask-question