1) What does the term "premium" refer to in insurance? a) The maximum amount the insurer will pay out for a claim b) The amount paid by the insured to the insurer for coverage c) The percentage of the insured's income d) The duration of the insurance policy 2) What is the definition of policy? a) a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums. b) a document detailing the terms and conditions of a contract of insurance. c) is a term used in the insurance industry referring to the extra charge added to the subscription fee upon renewal due to previous claims made by the subscriber. d) is the amount of money an individual or business pays for an insurance policy.   3) Premium  a) is the amount of money an individual or business pays for an insurance policy. b) form completed by the policyholder when applying for insurance c) formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. d) is a discount on the overall cost of your car insurance premium. 4) Benefits of insurance a) Financial Protection: Insurance provides financial security by covering the costs associated with unexpected events, such as accidents, illnesses, or property damage. b) Risk Management: Insurance allows individuals and businesses to transfer the risk of potential losses to an insurance company, reducing the financial impact of adverse events. c) Peace of Mind: Knowing that you are protected by insurance can provide peace of mind, allowing you to focus on other aspects of life or business without worrying about unexpected financial burdens. d) all of the above 5) Insurance a) The act of securing property with locks and alarms. b) A type of investment in the stock market. c) The process of protecting against financial loss by transferring risk to an insurance company. d) A method of predicting future market trends. 6) The insurance company is known as the...... a) Actuary b) Insurance broker c) Life assurance d) insurer 7) The fee paid by the insured for insurance is called a...... a) Premium b) insurance policy c) Life assurance d) risk pooling 8) ................ refers to how likely it is that the event being insured against will take place.  a) Actuary b) loadings c) policy d) risk 9) The person who assesses risk and calculates premiums for an insurance company is called?? a) Insurance broker b) Actuary c) Insurer d) Insured 10) a discount recivied for not making a claim on a car insuance is called.. a) Loadings b) third party c) No claims bonus d) fully comprehensive 11) which of the follwoing fall under household insuance. You may click more than one answer. a) Home insurance b) Life assurance c) car insurance d) personal insurance e) All the above 12) which one is associated with the following : Life aussurance a) Endowment assurance b) Fully comprhensive c) Third party fire and theft insurance d) Travel insurance  13) Which of the following is associated with car insurance.  a) Term assurance b) Fully comprehensive insurance c) health insurance d) Income protection insurance 14) what is PRSI? a) Pay Related Social Insurance b) Pending rate social insurance c) Primary Regulatory Security Initiative d) Public Relations and Social Integration 15) Which of the followings are examples of loadings. a) People who live in the city b) People who drive expensive cars pay more for care insurance c) People who work in dangerous jobs (e.g. Firefighters) d) People with existing health problems pay more for travel insurance. e) All of the above. 16) What are loadings? a) Premiums b) Discounts c) Policiy d) an amount that is added to the basic premium due to risk. 17) What does the term compensation mean?  a) refers to the financial reimbursement or payment provided by an insurance company to the insured party for covered losses, damages, or injuries. b) A type of insurance policy that covers damages caused by weather-related events, such as hurricanes or tornadoes. c) Insurance coverage specifically designed to protect against financial losses incurred due to employee theft or fraud within a business. d) An insurance term used to describe the process of providing monetary rewards or incentives to policyholders for maintaining a good claims history or for referring new customers to the insurance company.

Insurance

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?