What is the definition of insurance?

Insurance Quiz

Quiz
•
Business
•
11th Grade
•
Hard
Jhazell Bayta
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
D. A contract between insured and insurer that outlines the terms and conditions of coverage
B. A document of transitional nature which acts as a proof of insurance before insurance policy is issued
A. A legal contract between an insurer and insured to provide financial protection and compensation in the event of a claim
C. A cover note that provides temporary insurance cover while a policy is being prepared
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the beneficiary in an insurance policy?
C. Somebody employed by an insurance company to assess risks and fix premiums
B. The organisations who provide insurance cover
D. The person or business who gets insurance
A. The person who will get payment against insurance claim from insurance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of insurance?
D. All of the above
A. To provide employment for many people
B. To reduce the risk of the business
C. To provide compensation against losses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the importance of pooling of risk in insurance?
D. It eliminates the need for insurance brokers
A. It helps those who suffer from losses and make a claim
B. It increases the profit for shareholders
C. It reduces the need for insurance policies
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main function of an insurance broker?
D. To assess risks and fix premiums
C. To bring people and insurance companies together
B. To accept insurance risks and decide premiums
A. To provide financial protection to individuals
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the principle of indemnity in insurance?
C. The insured benefits from the loss
A. The insurer compensates the loss
D. The insured must pay for the loss
B. The insurer makes a profit from the loss
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is insurable interest in insurance?
A. A person should not make a profit from a loss
B. A person should have a direct financial interest in what is insured
C. Both insurer and insured should tell the truth
D. The insurer will pay only if the loss is caused by a covered risk
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