Insurance Basics - I
Authored by Kriti Sinha
Professional Development, Other
University - Professional Development
Used 20+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A Premium is ..........................
a policyholder's request for payment for a loss
the amount the policyholder must pay for insurance coverage
the possibility of incurring a loss
the profit made from insurance
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
True or False. Every risk you face results in a loss
True
False
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A policyholder is
Another term for an insurance company
The person or company buying the insurance policy
The amount paid for insurance coverage
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
True or False. To be insurable, the same type of risk must be shared by a large number of businesses or individuals.
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The reason businesses purchase insurance is to
make a profit
reduce taxes
provide financial protection
increase sales
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The ______ is an amount that the policy-holder must pay out of pocket before the insurer pays a claim.
endorsement
premium
deductible
annual premium
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Insurance is a means of
eliminating risk
avoiding risk
retaining risk
transferring risk
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