Insurance Terms Quiz

What is the amount of money paid by the policyholder to the insurance company for coverage?

• Policy

• Premium

• Deductible

• Coverage

What is the written contract for insurance between the policyholder and the insurance company?

• Policy

• Premium

• Deductible

• Coverage

What is the likelihood of loss or injury, and the potential financial impact associated with it?

• Policyholder

• Claim

• Risk

• Underwriting

What is the process by which an insurance company evaluates and assesses the risk of insuring a person or entity?

• Claimant

• Policyholder

• Beneficiary

• Underwriting

Who is the person or entity that owns the insurance policy?

• Policyholder

• Beneficiary

• Claimant

• Exclusion

What is the person or entity designated to receive the benefits from an insurance policy?

• Claimant

• Beneficiary

• Exclusion

• Policyholder

What is the fixed amount that the policyholder must pay out of pocket for a covered service, with the insurance covering the rest?

• Cash Value

• Co-payment

• Term Life Insurance

• Liability

What is the amount of money that a policyholder would receive if they surrender or cancel a life insurance policy before it matures?

• Rider

• Cash Value

• Reinsurance

• Risk Management

What is the practice where one insurance company transfers a portion of its risk to another company?

• Risk Management

• Reinsurance

• Rider

• Cash Value

What is an additional provision or amendment to an insurance policy that adds, modifies, or excludes coverage?

• Risk Management

• Reinsurance

• Rider

• Cash Value