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