Business Risk and Insurance Quiz

The space or possibility of occurring damage which can be financially estimated, and it is an agreement between an insurer and the insured to compensate for potential risks.

Catching fire, risk of theft, loss from business, and damages that may happen to business properties.

The insured agrees to pay the premium, and the insurer agrees to pay the compensation for potential risks that the insured may face.

<p>The purpose of insurance in the context of business activities is to financially protect against various risks such as fire, theft, and damages to business properties, by entering into an agreement with an insurer to pay a premium in exchange for compensation in case of such risks.</p> Signup and view all the answers

<p>In the context of insurance, risk refers to the possibility of damage or loss. Insurance agreements involve the insured agreeing to pay a premium, while the insurer agrees to provide compensation for potential risks faced by the insured, such as catching fire, theft, or loss from business activities.</p> Signup and view all the answers

<p>Insurance financially protects businesses by providing compensation for potential risks such as fire, theft, and damages to business properties. The insured pays a premium to the insurer, and in return, the insurer agrees to pay compensation for any insured risks that may occur.</p> Signup and view all the answers

<p>Risk in insurance refers to the possibility of damage or loss that can occur to business properties, which is estimated financially and covered through insurance agreements.</p> Signup and view all the answers

<p>The agreement between an insurer and an insured involves the insured agreeing to pay the premium, and in return, the insurer agrees to provide compensation for the potential risks or damages that the insured may face.</p> Signup and view all the answers

<p>Catching fire, risk of theft, and loss from business activities are mentioned as potential risks associated with business operations in the text.</p> Signup and view all the answers