A) Ignoring potential risks. B) Guessing the likelihood of risks. C) Process of identifying, assessing, and prioritizing risks. D) Buying insurance policies.
A) A bank loan for emergencies. B) A government program for free healthcare. C) A warranty for all purchases. D) A contract that transfers the risk of financial loss from an individual or business to an insurance company.
A) The premium paid for the insurance policy. B) The total coverage amount in case of a claim. C) The percentage of claim covered by the insurance company. D) The amount of money the policyholder is responsible for paying before the insurance company begins to cover costs.
A) Home insurance. B) Life insurance. C) Collision insurance. D) Health insurance.
A) Repair costs for your own car. B) Legal responsibility for bodily injury or property damage to others. C) Identity theft protection. D) Medical expenses for you and your family.
A) Ignoring the risk. B) Taking actions to reduce the probability or impact of a risk. C) Transferring all risks to the insurance company. D) Increasing the risk for higher profits.
A) Risk avoidance. B) Risk retention. C) Risk sharing. D) Risk transfer.
A) Using intuitive feelings. B) Based on the policyholder's occupation. C) By guessing the likelihood of events. D) Through actuarial analysis and statistical models.
A) Free insurance policies for a year. B) Helpdesk support for policyholders. C) Coverage for future potential losses. D) Compensation for a loss or damage sustained.
A) Creates new insurance policies. B) Decides on insurance premiums. C) Markets insurance products. D) Investigates, evaluates, and settles insurance claims.
A) Life insurance. B) Health insurance. C) Liability insurance. D) Travel insurance.
A) When an insurance company transfers some of its own risks to another insurer. B) When an insurance company serves multiple countries. C) A type of insurance for retired individuals. D) When insurance policies are canceled.
A) The coverage limit for each claim in the insurance policy. B) The list of covered perils in the insurance policy. C) The amount paid by the policyholder to the insurance company for coverage. D) The agreement between the insurance company and policyholder. |