
Insurance Quiz
Authored by Donald Sheckle
Business
9th Grade
Used 2+ times

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14 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the purpose of insurance?
The purpose of insurance is to provide financial protection and compensation in the event of unexpected events or losses.
The purpose of insurance is to give individuals money
The purpose of insurance is to cause financial stability
The purpose of insurance is to make the country more stable
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is not a type of insurance?
Medical Insurance
Life Insurance
Marine Insurance
Non-Life Insurance
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Explain the concept of indemnity in insurance.
Indemnity only applies to certain types of insurance, not all
Indemnity means the insured will always make a profit from the insurance claim
Indemnity is the principle by which the insured is compensated for losses incurred
Indemnity is the principle by which the insurer is compensated for losses incurred
4.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
What is the difference between insurance and assurance?
Insurance covers only health-related risks, while assurance covers only property-related risks
Insurance provides a guarantee of a certain outcome, while assurance provides financial protection against specified risks which might happen
Insurance provides financial protection against specified risks which might happen, while assurance provides for certain outcomes such as death.
Insurance and assurance are the same and can be used interchangeably
5.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
The contract drawn up between the insurer and the insured is known as the
6.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
The charge the insurance company makes is called a
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Mark James is seeking motor car insurance for his new truck from State Insurance. Who is Mark James ?
Policy
Insurer
Insured
Mark James
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