Wholesale and retail are common ways to describe pricing.  What are the terms that are related to wholesale and retail in insurance? (2 points- need both for the extra credit!)

Concept that the greater the number of exposures, the more closely will actual results approach the probable results expected from an infinite number of exposures.

Which of the following is implied by the requirement that a loss should be determinable and measurable to be insurable? I. The loss must be definite as to when the loss occured. II. The loss must be definite as to the amount of loss.

Uncertainty based on one’s mental condition or state of mind.

Characteristics of a fortuitous loss include which of the following I. The loss is certain to occur. II. The loss occurs as a result of chance.

A risk-control technique that aims at reducing the probability of loss so that the frequency of losses is reduced.

Which of the following is most likely to be insured at the federal government level? A) product liability insurance. B) homeowner insurance C) auto insurance. D) unemployment insurance.

Relative variation of actual loss from expected loss, which varies inversely with the square root of the number of cases under observation

Traditionally, risk has been defined as  

Risk management technique in which an individual or a firm retains part or all of the losses resulting from a given loss exposure.