5 Questions
An amount to be paid for an insurance policy is called a ______
premium
A situation involving exposure to danger, harm, or loss is known as a ______
risk
The action of reducing the severity, seriousness, or painfulness of something is called ______
mitigation
Any form of insurance which is required by law is known as compulsory ______
insurance
The insurer agrees to pay no more than the actual amount of the loss under the ______
Principle of Indemnity
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.
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