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Questions and Answers
What is the primary purpose of insurance?
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?
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?
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?
What does the insured do in an insurance transaction?
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What must the loss be in an insurance transaction?
What must the loss be in an insurance transaction?
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What is the entity providing insurance known as?
What is the entity providing insurance known as?
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What does the policyholder assume in an insurance transaction?
What does the policyholder assume in an insurance transaction?
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What is the primary purpose of insurance?
What is the primary purpose of insurance?
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What is the person or entity covered under the insurance policy called?
What is the person or entity covered under the insurance policy called?
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What must the loss be reducible to in an insurance transaction?
What must the loss be reducible to in an insurance transaction?
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