Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

3 Views

Risk Management and Life Insurance Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 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 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 Signup and view all the answers

What is the role of an insurer in insurance?

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