Risk Management and Insurance

Front

Noah owns a small business and he wants to transfer the risk of financial loss to someone else. Lily suggested a method to him. What does Lily's suggestion describe?

Back

insurance

Front

Is Olivia's statement about insurance policies having coverage limits to ensure the insurance company can pay most claims over time true or false?

Back

True

Front

Sophia's house was damaged in a storm. She needs to replace her damaged property with new items of the same type and quality. Which option describes the dollar amount it will cost Sophia to do this?

Back

replacement cost

Front

Natural disasters, fire, robbery are examples of ______________.

Back

Risks

Front

You have a $2500 deductible with your insurance policy. What does this mean?

Back

You must pay $2500 towards medical costs before insurance will cover costs

Front

What are variables insurance companies base their prices on?

Back

size of company, type of industry, safety policies in place

Front

Charlotte is considering getting insurance and wonders if she can pay her insurance premiums monthly. Is it possible?

Back

Yes, it is possible to pay insurance premiums monthly.

Front

What factors might be affecting Grace, Ava, and Samuel's insurance premiums?

Back

their age & medical history, their occupation, where they live

Front

Arjun and Noah work at the same company and are applying for health insurance. Arjun is 27 years old and does not smoke. Noah, on the other hand, is 55 years old and has a history of heart disease. Who would be offered a LOWER insurance premium?

Back

Arjun

Front

Which type of insurance policy should David get to cover his company vehicles and drivers?

Back

Commercial auto insurance