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Insurance Basics Quiz

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Questions and Answers

What is the primary purpose of insurance?

To protect against financial loss (correct)

To control the economy

To eliminate all risks

To generate profit for the insurer

Who is known as the insurer in an insurance transaction?

Policyholder

Underwriter

Insurance company (correct)

Insured

What is the role of a policyholder in an insurance transaction?

Compensate the insurer

Buy insurance (correct)

Regulate the insurance market

Provide insurance

What does the insured do in an insurance transaction?

Is covered under the policy (D) Signup and view all the answers

What must the loss be in an insurance transaction?

Reducible to financial terms (C) Signup and view all the answers

What is the entity providing insurance known as?

Insurer (A) Signup and view all the answers

What does the policyholder assume in an insurance transaction?

Guaranteed loss (A) Signup and view all the answers

What is the primary purpose of insurance?

Risk management (A) Signup and view all the answers

What is the person or entity covered under the insurance policy called?

Insured (C) Signup and view all the answers

What must the loss be reducible to in an insurance transaction?

Financial terms (D) Signup and view all the answers

Insurance Basics Quiz

Choose a study mode

Podcast

Questions and Answers

What is the primary purpose of insurance?

Who is known as the insurer in an insurance transaction?

What is the role of a policyholder in an insurance transaction?

What does the insured do in an insurance transaction?

What must the loss be in an insurance transaction?

What is the entity providing insurance known as?

What does the policyholder assume in an insurance transaction?

What is the primary purpose of insurance?

What is the person or entity covered under the insurance policy called?

What must the loss be reducible to in an insurance transaction?

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