W01 Award in General Insurance Study Text Quiz

Experiential, mindful, and engaging learning method.

Underlining or highlighting important terms and concepts while reading.

Recording important details from texts.

Relating the learned content to other chapters or topics.

Quickly reviewing text for headings, images, and key words.

Reading questions related to a section to understand its focus.

Revising the text in detail through note-taking and paraphrasing.

Questioning and evaluating information encountered during study.

Supports the W01 syllabus for General Insurance, but the content order might not follow the syllabus's order.

Table in the study text shows the location of each syllabus learning outcome.

Practical exercises used to reinforce learning in the study text.

Summary statements at the end of each chapter for retention and review of important concepts.

Introduction of specialist terms within the study text for General Insurance.

Short scenarios to test understanding of General Insurance concepts in realistic contexts.

Online platform for related study material in CII texts when referred to within the study text.

The order of topics in the study text might not match the syllabus, creating a logical learning progression.

A potential hazard, event, or situation that may lead to loss or gain.

A significant connection to an item being insured, exposing you to a financial loss if it is damaged or destroyed.

The process of identifying, assessing, and controlling risks to minimize their potential impact.

Unforeseen and accidental events that can lead to loss or damage.

A risk that only results in a loss; there's no chance of gain.

Potential for loss or damage to a person's or entity's financial well-being

The cause of a loss or damage.

Increased risk of loss due to a change in behavior from a person or entity after an insurance policy is placed.

Insurance replaces the unknown financial loss (risk) with a known cost (premium). This is a way the insurer takes on the unpredictable risk.

The specific peril or danger covered by a policy (e.g., fire, theft).

The property or liability being insured (e.g., a car, a home, a business's liability).

The assessment of the chance of peril affecting the insured subject-matter (e.g., theft, damage).

How different individuals view risks. Risks can be seen differently depending on the person's perspective.

Potential financial losses stemming from car ownership (theft, accidents, damage).

The fixed amount paid to an insurer for coverage.

The individual or company chooses to bear the entire risk of loss themselves.

The insured shares the risk with the insurer, paying a percentage of the loss. This is often a fixed percentage of the total insured amount.

The portion of the loss that the insured is responsible for in a co-insurance agreement.

Having two or more policies covering the same risk, which can occur both intentionally and unintentionally.

Dual insurance that occurs unintentionally, often due to multiple policies covering the same risk.

Dual insurance that is intentionally sought, often for specific coverage needs.

The amount the insured is responsible for before the insurer covers the remaining amount.

The amount an insured must pay out of pocket before the insurer covers the remaining loss, used to reduce insurance premiums.

The process of identifying, assessing, and controlling risks that impact a business, with goals of reducing potential losses and boosting shareholder confidence.

It helps businesses: 1) Identify and manage potential threats, 2) Build shareholder confidence, 3) Provide a structured way to evaluate and quantify risks.

The first step in risk management, involving uncovering existing and potential threats to a company.

The process of evaluating identified risks by determining their likelihood and potential impact on the business.

The third stage of risk management, focusing on minimizing or eliminating identified risks through various methods.

A risk management strategy where a company shifts the burden of a potential risk to another party, often through insurance.

Techniques include: 1) Detailed surveys of premises, properties, and/or processes, 2) On-site discussions, 3) Examining records of accidents, 4) Analyzing financial accounts, and 5) Identifying health and safety hazards.

Not all identified risks can be insured, but all risks must be managed, including those not covered by insurance.