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Insurance Basics

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Questions and Answers

What is the party transferring the potential loss called?

Insurer (correct)

Policyholder

Beneficiary

Underwriter

What is the consideration paid by the Insured to the Insurer for coverage called?

Premium (correct)

Claim

Deductible

Policy

In insurance, what does the Insurance Company agree to do in exchange for the premium payment?

Invest the funds

Provide tax benefits

Pay dividends

Bear costs due to financial loss (correct)

What does the Insurer provide in exchange for the premium paid by the Insured?

Coverage for potential financial loss Signup and view all the answers

In vehicle insurance, what does the Insurance Company typically cover in case of an accident?

Repair costs for the vehicle Signup and view all the answers

What is another term for the Insured in an insurance contract?

Policyholder Signup and view all the answers

Which party in an insurance contract agrees to make payments or bear costs due to financial loss?

Insurer Signup and view all the answers

What are the two main types of insurance described in the passage?

Life insurance and general insurance Signup and view all the answers

What is the key feature of life insurance described in the passage?

The insurance company pays a fixed amount to the insured's legal heirs upon the insured's death. Signup and view all the answers

What are the different types of general insurance mentioned in the passage?

Fire, marine, motor vehicle, accident, and other non-life insurance Signup and view all the answers

What is the purpose of general insurance according to the passage?

All of the above Signup and view all the answers

Which of the following is NOT a type of general insurance mentioned in the passage?

Life insurance Signup and view all the answers

According to the passage, what is the main difference between life insurance and general insurance?

Life insurance covers only the insured's life, while general insurance covers property and liability. Signup and view all the answers