Chapter 8 Review

Front

The insured party surrenders its rights against a third party to the insurer after claiming and receiving a compensation for an insured loss.

Back

Subrogation

Front

What is an example of risk mitigation? Options: Not going skydiving, Buying Insurance, Putting a case on your phone, Staying at home in your basement and never leaving

Back

Putting a case on your phone

Front

What is an Aleatory Contract?

Back

A contract that is unequal in exchange

Front

Insurance is a technique best used for risks that are

Back

Low Frequency, High Risk

Front

What is the main difference between an HMO and a PPO?

Back

There are more doctors to choose from in a PPO

Front

How is your deductible paid with Health Insurance?

Back

Per Year

Front

With disability insurance which is more favorable (better)? Any Occupation, Own Occupation

Back

Own Occupation

Front

Who receives the money when a life insurance policy is paid out?

Back

The Beneficiary

Front

Does Term Life Insurance have a cash value component?

Back

No

Front

If you have a lower policy deductible you will have a higher

Back

Premium