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