Risk Management and Insurance Quiz

Risk Management and Insurance Quiz

University

10 Qs

quiz-placeholder

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Risk Management and Insurance Quiz

Risk Management and Insurance Quiz

Assessment

Quiz

Business

University

Hard

Created by

Salwa Ch

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does risk avoidance mean?

Accepting the risk and its consequences

Never acquiring a certain loss exposure

Reducing the frequency of a loss

Transferring the risk to another party

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a loss prevention measure?

Installing a burglar alarm system

Driver training programs

Building on high ground

Limiting cash on premises

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is active risk retention?

Transferring risk through contracts

Ignoring potential losses

Avoiding risk altogether

Consciously deciding to retain part of the loss

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which technique involves transferring risk without insurance?

Retention

Risk avoidance

Noninsurance transfer

Loss reduction

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key factor in selecting an insurer?

The number of policies they offer

The location of the insurer's headquarters

The insurer's advertising budget

The financial strength of the insurer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a deductible refer to in insurance?

The amount subtracted from a loss payment

The premium paid for the policy

The insurer's profit margin

The total amount of coverage

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a hard market condition, what typically happens?

Profitability improves

Insurance becomes easier to obtain

Underwriting standards tighten

Premiums decrease

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