5 Questions
What does a loss adjuster do?
Assesses the amount of compensation that should be paid after a person has made an insurance claim
What is the role of an actuary?
Calculates risks for insurance companies
What does the term 'renewal' refer to in insurance?
The process of extending or continuing an existing insurance policy for a subsequent term
What are 'exclusions' in an insurance policy?
Specific conditions or situations that are not covered by an insurance policy
What does the term 'deductible' refer to in insurance?
The amount of money that an insured individual must pay out of pocket before their insurance coverage kicks in
Study Notes
Insurance Policy and Coverage
- Insurance policy on a car can protect against theft or damage, or both.
Reducing Premiums
- It is possible to reduce premiums without losing coverage.
Personal Insurance Policies
- Some people personally have insurance policies that cover theft.
Buying Insurance
- Insurance can be bought from a broker or directly from an insurance company.
Paying Deductibles
- Some insurance policies require the policyholder to pay a deductible before the insurance company pays the rest of the claim amount.
Making Claims
- People can make claims for insurance coverage, and some may have received compensation pay-outs.
Insurance Roles
Broker
- A broker advises about different companies and their policies.
Policyholder
- A policyholder pays premiums and has the right to make claims.
Third Party
- A third party receives insurance protection from someone else who has purchased an insurance policy.
Underwriter
- An underwriter evaluates the risks of insuring a particular person and sets premium pricing based on that information.
Claimant
- A claimant makes a claim with an insurance company.
Test your knowledge of car insurance with this quiz covering topics such as the importance of having an insurance policy, coverage against theft and damage, reducing premiums, and purchasing from brokers or insurance companies.
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