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NC Personal Lines | Q&A Latest 2025/2026 | 100% PASS Example of Direct Loss - Answer -Loss due to fire destroying a building Risk Sharing - Answer -B and G agree to share the cost of replacing a basketball goal if it is damaged. In risk management terms this is __________ Replacement Cost - Answer -D has a property contract that agrees to pay her the full value of damaged personal property at the current cost without depreciation. This type of property loss valuation is known as: Risk - Answer -The chance of or uncertainty concerning a financial loss. In a split limits policy 50/100/50, the second number represents Answer -the total limit for two or more persons with bodily injury Insurable Interest - Answer -The ability to insure property due to ownership Declarations Page - Answer -Identifies the amount of premium to be paid, who or what is insured, and the amount of insurance coverage. Transferring Risk - Answer -Obtaining Insurance is a method of this _______. Insurers allow the insured to move the risk of loss from the insured to the insurance company for a fee (aka premium)