Risk Transfer Quiz
5 Questions
3 Views

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 is the primary focus of risk transfer?

  • Sharing risks with multiple parties
  • Assuming all liabilities personally
  • Shifting financial risks to another party (correct)
  • Avoiding risks altogether

    • What is the common method of transferring risk mentioned in the text?

  • Risk avoidance
  • Purchasing insurance (correct)
  • Risk retention
  • Self-insuring

    • What is the fee charged by insurance companies for accepting risks?

  • Co-payment
  • Insurance premium (correct)
  • Deductible
  • Out-of-pocket maximum

    • In the given example, what does Mr. Peter's insurance cover for his motorbike primarily represent?

    <p>Risk transfer</p> Signup and view all the answers

    What is the duration of Mr. Peter's insurance cover for his motorbike, as per the example provided?

    <p>One year</p> Signup and view all the answers

    More Like This

    Construction Contract Quiz
    32 questions

    Construction Contract Quiz

    InstrumentalMajesty avatar
    InstrumentalMajesty
    Comparing Takaful to Insurance
    40 questions

    Comparing Takaful to Insurance

    HalcyonPansy avatar
    HalcyonPansy
    Banking Risks and Types
    18 questions

    Banking Risks and Types

    UnquestionableChrysoprase6495 avatar
    UnquestionableChrysoprase6495
    Money and Banking Midterm Quiz
    23 questions

    Money and Banking Midterm Quiz

    MeticulousPhiladelphia1518 avatar
    MeticulousPhiladelphia1518
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser