1. Reinsurance is best described as:

The transfer of part of an insurer's risk to another insurer

Reinsurance is the transfer of part of an insurer's risk to another insurer.

2. A coinsurance clause in a property policy encourages the insured to:

Insure the property to a stated percentage of its value

A coinsurance clause encourages insuring property to a stated percentage of value to avoid a penalty at a partial loss.

3. The sharing of losses by many insureds so that the cost falls on the group is the principle of:

Risk pooling (loss sharing)

Risk pooling spreads the cost of losses across many insureds so that each bears only a small share.

4. An insurance policy is generally a personal contract, which means it:

Insures a particular person and generally cannot be transferred without the insurer's consent

As a personal contract, a policy insures a specific person and generally cannot be transferred without the insurer's consent.