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Questions and Answers
An amount to be paid for an insurance policy is called a
An amount to be paid for an insurance policy is called a
premium
The action of reducing the severity, seriousness, or painfulness of something is called
The action of reducing the severity, seriousness, or painfulness of something is called
mitigation
Any form of insurance which is required by law is called
Any form of insurance which is required by law is called
compulsory insurance
The insurer agrees to pay no more than the actual amount of the loss is known as the principle of
The insurer agrees to pay no more than the actual amount of the loss is known as the principle of
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A situation involving exposure to danger, harm, or loss is called
A situation involving exposure to danger, harm, or loss is called
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Study Notes
Insurance Terminology
- A premium is an amount to be paid for an insurance policy.
- Mitigation refers to the action of reducing the severity, seriousness, or painfulness of something.
- Compulsory insurance is any form of insurance which is required by law.
- The principle of indemnity is when the insurer agrees to pay no more than the actual amount of the loss.
- A risk is a situation involving exposure to danger, harm, or loss.
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Description
Test your knowledge of insurance terms with this quiz! From understanding what a claim and deductible are, to grasping the concepts of risk and mitigation, and knowing the importance of premiums, this quiz will help you brush up on your insurance vocabulary.
