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Questions and Answers
What is the party transferring the potential loss called?
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?
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?
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?
What does the Insurer provide in exchange for the premium paid by the Insured?
In vehicle insurance, what does the Insurance Company typically cover in case of an accident?
In vehicle insurance, what does the Insurance Company typically cover in case of an accident?
What is another term for the Insured in an insurance contract?
What is another term for the Insured in an insurance contract?
Which party in an insurance contract agrees to make payments or bear costs due to financial loss?
Which party in an insurance contract agrees to make payments or bear costs due to financial loss?
What are the two main types of insurance described in the passage?
What are the two main types of insurance described in the passage?
What is the key feature of life insurance described in the passage?
What is the key feature of life insurance described in the passage?
What are the different types of general insurance mentioned in the passage?
What are the different types of general insurance mentioned in the passage?
What is the purpose of general insurance according to the passage?
What is the purpose of general insurance according to the passage?
Which of the following is NOT a type of general insurance mentioned in the passage?
Which of the following is NOT a type of general insurance mentioned in the passage?
According to the passage, what is the main difference between life insurance and general insurance?
According to the passage, what is the main difference between life insurance and general insurance?
