To provide financial protection against potential losses.

To transfer risk from the insured to the insurer.

To guarantee a profit for the insurance company.

To create a legal obligation for the insured to pay premiums.

A legal right or financial stake in the subject matter of the insurance contract.

A desire or expectation of receiving a benefit from the subject matter of the insurance contract.

A contractual obligation to pay premiums for the insurance contract.

A personal relationship with the insured.

The duty of the insured to disclose all material facts about the risk to the insurer.

The duty of the insurer to pay claims promptly and in full.

The duty of the insured to pay premiums on time.

The duty of the insurer to investigate claims thoroughly.

An insurance policy is the written document that outlines the terms and conditions of the insurance contract.

An insurance contract is the legal agreement between the insured and the insurer, while an insurance policy is the physical manifestation of that agreement.

There is no difference between an insurance policy and an insurance contract.

An insurance policy is a type of insurance contract that provides coverage for a specific risk, while an insurance contract is a general term for any agreement between an insured and an insurer.

To reduce the amount of premiums paid by the insured.

To encourage the insured to take steps to prevent losses.

To limit the insurer's liability for claims.

All of the above.

An occurrence policy covers losses that occur during the policy period, regardless of when the claim is made.

A claims-made policy covers losses that are reported to the insurer during the policy period, regardless of when the loss occurred.

An occurrence policy is typically more expensive than a claims-made policy.

All of the above.

The duty of the insured to disclose all material facts about the risk to the insurer.

The duty of the insurer to pay claims promptly and in full.

The duty of both the insured and the insurer to act in good faith towards each other.

All of the above.

To transfer risk from one insurer to another.

To provide additional coverage to the insured.

To reduce the cost of insurance for the insured.

None of the above.

An insurance broker represents the insured, while an insurance agent represents the insurer.

An insurance broker can sell policies from multiple insurers, while an insurance agent can only sell policies from one insurer.

An insurance broker is typically paid a commission by the insurer, while an insurance agent is typically paid a salary by the insurer.

All of the above.

To identify and mitigate risks that could lead to losses.

To reduce the cost of insurance for the insured.

To improve the efficiency of claims handling.

All of the above.

A tort is a civil wrong that results in injury or damage to another person or their property, while a contract is a legally enforceable agreement between two or more parties.

A tort is typically intentional, while a contract is typically unintentional.

A tort can only be committed by an individual, while a contract can be committed by an individual or a legal entity.

None of the above.

To limit the amount of time that an insured has to file a claim.

To limit the amount of time that an insurer has to pay a claim.

To prevent fraudulent claims.

All of the above.

An insurance policy is the written document that outlines the terms and conditions of the insurance contract.

An insurance contract is the legal agreement between the insured and the insurer, while an insurance policy is the physical manifestation of that agreement.

There is no difference between an insurance policy and an insurance contract.

An insurance policy is a type of insurance contract that provides coverage for a specific risk, while an insurance contract is a general term for any agreement between an insured and an insurer.

The right of the insurer to recover from the person or entity responsible for causing the loss.

The right of the insured to recover from the insurer for the loss.

The right of the insurer to recover from the insured for the amount of the claim paid.

None of the above.

To investigate claims and determine the amount of the loss.

To negotiate settlements with claimants.

To represent the insurer in court.

All of the above.