1) It is possible to lose money if the delivery of a service goes wrong. Is this statement true or false? a) True b) False 2) Which type of insurance can you take out so that you can use private doctors and hospitals if you fall ill? a) All-risks insurance b) Private health insurance c) Third-party insurance 3) Insurance is a financial service. What is the term for the payment made by a customer to an insurance company? a) Compensation b) Premium c) Policy 4) Insurance companies calculate premiums based on risk. Which one of the following is taken into consideration when insurance companies assess the risk? a) Past events and claims b) Current events and claims c) Future events and claims 5) You can insure yourself and your possessions against loss or damage while you are on holiday. Which of the following insurance types best describes the above statement? a) Health insurance b) House and contents insurance c) Travel insurance 6) Car insurance premiums can vary considerably.What is the reason for the large difference in the insurance premium for a young man and the insurance premium for a middle-aged woman? a) Age discrimination b) Sex discrimination c) The likelihood of a claim 7) Which of the following statements about insurance is correct? a) All risks are avoided. b) The insurance company takes the risk c) The insured person has no risk at all. d) There is usually no risk. 8) Charlie has been given his uncle's old Ford Fiesta car. What is the legal minimum insurance that he will be required to take out on the car? a) Fully comprehensive b) Theft only. c) Third-party, fire and theft. d) Third-party only. 9) Legally, people are allowed to insure their spouse against death. This is due to the legal principle of: a) Agency b) Indemnity c) Insurable interest d) Utmost good faith 10) Which of the following is the main purpose of insurance? a) Danger management. b) Spreading risk. c) Investment return d) Dividend yield. 11) Why is motor insurance a legal requirement for drivers? To a) ensure your car is properly maintained. b) entitle you to roadside assistance if you break down c) protect the interests of others. d) pay for the building of new roads. 12) What is the main purpose of insurance? a) be able to get new products for free when the old ones wear out. b) earn a regular income. c) offer credit to people whom banks consider to be high risk. d) reduce the financial effects of loss. 13) To be able to take out life assurance on another person, there must first be which of the following? a) A cover note. b) A life assured. c) A sum assured. d) An insurable interest. 14) Which of the following is proof that someone is insured? a) An insurance certificate. b) An insurance schedule c) Insurance cover. d) Insurance excess. 15) Which of the following is not commonly known as a type of insurance? a) Employment. b) Health. c) Motor. d) D Travel. 16) The money that a person has to pay for insurance cover is known as which of the following? a) Dividend. b) Interest. c) Premium. d) Assurance.

Unit 2 Topic 5 Insurance

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