Podcast
Questions and Answers
Which of the following is NOT a risk strategy mentioned in the text?
Which of the following is NOT a risk strategy mentioned in the text?
- Mitigate (correct)
- Accept
- Avoid
- Alter
What is the purpose of insurance?
What is the purpose of insurance?
- To transfer the severity of risks
- To protect against possible costly risks (correct)
- To reduce the frequency of risks
- To eliminate all risks
What is the main source of money for insurance claims?
What is the main source of money for insurance claims?
- Donations from individuals
- Government funding
- Premiums paid by policyholders (correct)
- Investments made by insurance companies
Which term refers to the amount paid to an insurance company in return for taking on a portion of the risk?
Which term refers to the amount paid to an insurance company in return for taking on a portion of the risk?
Which term refers to the amount of money paid by the insured in a claim before the insurance company kicks in?
Which term refers to the amount of money paid by the insured in a claim before the insurance company kicks in?
Which term refers to a formal request to an insurance company for coverage or compensation for a covered loss or event?
Which term refers to a formal request to an insurance company for coverage or compensation for a covered loss or event?
Which term refers to a document that details the terms and conditions of an insurance contract?
Which term refers to a document that details the terms and conditions of an insurance contract?
Which of the following is an example of insurable interest?
Which of the following is an example of insurable interest?
Who is responsible for determining the premiums to be paid for an insurance policy?
Who is responsible for determining the premiums to be paid for an insurance policy?
What do insurance claim adjusters do?
What do insurance claim adjusters do?
Which types of insurance will be covered in this class?
Which types of insurance will be covered in this class?
Which of the following is an example of mitigating risk through altering the severity?
Which of the following is an example of mitigating risk through altering the severity?
Which of the following is an example of mitigating risk through altering the frequency?
Which of the following is an example of mitigating risk through altering the frequency?
Which of the following is an example of transferring risk through altering the severity?
Which of the following is an example of transferring risk through altering the severity?
Which of the following is NOT a role in the insurance industry?
Which of the following is NOT a role in the insurance industry?
What is the purpose of insurable interest in insurance?
What is the purpose of insurable interest in insurance?
Which of the following is an example of insurable interest?
Which of the following is an example of insurable interest?
What types of insurance will be covered in this class?
What types of insurance will be covered in this class?
According to the principle of indemnity, insurance companies will compensate the insured for
According to the principle of indemnity, insurance companies will compensate the insured for
Under the principle of subrogation, an insurance company has the right to
Under the principle of subrogation, an insurance company has the right to
Which term refers to something that causes or has the potential to cause a loss?
Which term refers to something that causes or has the potential to cause a loss?
Which of the following is an example of insurable interest?
Which of the following is an example of insurable interest?
Flashcards are hidden until you start studying
