INSURANCE

Insurance is necessary because...

• assets usually depreciate over time

• assets require regular maintenance

• assets may be damaged in the course of their use

• All of the above

When does a claim arise under an insurance policy?

• Whenever the policyholder needs the money

• When the insured events happens

• When a premium is not paid

• Whenever any of the three happen

Insurance helps to..

• Prevent adverse situations from occurring

• Reduce the financial consequences of adverse situations

• Negate all consequences of adverse situations

• Make assets continuously productive

The sole purpose of any life insurance is to...

• make up loss of earnings due to the death of the person.

• pay for urgent medical expenses to save the life of the person.

• meet an insured person's debts and other financial commitments in the event of death.

• all of the above

The term ‘Risk’ includes:

• a. Damage to machinery and property

• b. Impact on the health or life of a person

• c. Leakage of toxic products into the atmosphere

• d. Effect on the healthy life of the neighborhood

• e. All of the above

In cases where a Life Insurance Agent collects the premium from the policyholder and remits it to the insurer’s office, he is acting as an agent of _____

• the Bank

• the Insurance Company

• the Policyholder

• the broker

The Insurance Commission is a government agency  under the ​

• Philippines Stock Exchange

• Bangko Sentral ng Pilipinas

• Department of Budget and Management

• Department of Finance

The document which embodies the contract in insurance is called…………

• security

• policy

• certificate

• none of these

……………is insurance companies tying up with banks to sell insurance product

• a. franchising

• b. merger

• c. bancassurance

• d. insuranced linked banking

The ________ is the party who agrees to compensate the other person against possible losses.

• a) Insurer

• b) Insured

• c) Assured

• d) None