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Risk Management and Life Insurance Quiz

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Questions and Answers

What does an insurance company do?

Assumes financial responsibility for losses from an insured risk (correct)
Invests the premiums into high-risk funds
Charges a one-time fee for assuming risk
Guarantees no financial loss for the insured

What is insurance?

Guaranteed financial gain
Investment in a risk-sharing firm
Protection against possible financial loss (correct)
Assumption of financial responsibility for others' losses

What does a policyholder pay periodically to the insurer?

Premium (correct)
Deductible
Claim
Beneficiary

What is 'insurable interest' in insurance?

A financial stake in the subject matter of the insurance (C) Signup and view all the answers

What is the purpose of an insurance pool?

To provide funds for helping ease hardships in case of losses (B) Signup and view all the answers

What is the concept of insurance pool?

A fund where premiums are collected from a large group of people to cover potential losses (C) Signup and view all the answers

What is the role of an insurer in insurance?

Assumes financial responsibility for losses from an insured risk (B) Signup and view all the answers

What is the primary function of an insurance policy?

To transfer the risk of financial loss from the insured individual to the insurer (A) Signup and view all the answers

What is the purpose of insurable interest in insurance?

To ensure the person purchasing insurance would suffer a financial loss from the subject matter of the insurance (C) Signup and view all the answers

What happens when a person purchases an insurance policy?

The insurer assumes the financial risk for losses from an insured risk (D) Signup and view all the answers