A table of premium rates based on ages & life expectancies?
What is Actuarial Table.
100
To avoid risk is? A.) Risk assumption B.) Risk avoidance C.) Risk reduction
What is Risk Avoidance.
100
What is the first step in the Risk Management Process?
What is Identify Risks of Loss.
100
What are the 3 major types of insurable risks?
What is Personal, Property, & Liability Risk.
100
Should you increase or decrease deductibles?
What is Increase.
200
A person named on an insurance policy to receive the benefits from the policy.
A.Cash Value
B.Peril
C.Beneficiary
What is Beneficiary.
200
Chances of loss involving income & standard living are? A.) Pure Risk B.) Property Risk C.) Personal Risk
What is Personal Risk
200
You should assume risk when dealing with what type of risk, Serious or Nonserious?
What is Nonserious Risks.
200
True or False: You face risks everyday?
What is True.
200
True or False: Comparison shopping means to look around or shop for insurance?
What is True
300
The contract form that has been adopted by many insurers, approved by state insurance divisions, or prescribed by law(modifications are made to suit the needs of the individual).
A.Standard Policy
B.Benefits
C.Hazard
D.Insurance Agent
What is Standard Policy.
300
Policy:Policyholder::Probability:_______? A.) Risk B.) Risk Management C.) Indemnification
What is Indemnification.
300
What are the 3 steps in the Risk Management Process?
What is Identify Risks of Loss, Assess Seriousness of Risks, & Handle Risks.
300
You can protect yourself from personal risks by buying what 3 insurances?
What is Life, Health, & Disability Insurance
300
How you pay premiums can save you money over a short period of time is to______? A.) Consider payment options B.) Consider financial obligations C.) Consider risk management saving
What is Consider Payment Options
400
An unexpected reduction in value of the insured's property caused by covered peril; the basis of a valid claim for reimbursement under the terms of an insurance policy.
A.Exclusions
B.Actuary
C.Coverage
D.Loss
E.Insured
What is Loss.
400
True or False: Financial interest in life or property is non-insurable?
What is False.
400
What are the 3 steps you would take if you were dealing with Serious Risks?
What is Shift Risk, Avoid Risk, & Reduce Risk.
400
Are fire, theft, wind, rain considered property risks?
What is Yes.
400
Purchasing individual insurance is the opposite of?
What is Group Insurance.
500
The portion of a paid premium that the insurer has not yet earned because the policy term has not ended. The unearned premium is returned to the policyholder when a policy is canceled.
A.Grace Period
B.Claim
C.Unearned Premium
D.Proof of Loss
E.Deductible
F.Face Amount
What is Unearned Premium
500
The method to spread individual risk among large groups of people to make losses affordable for all is? A.) Liability Risks B.) Insurance C.) Premium
What is Insurance.
500
What is the difference between Pure Risk & Speculative Risk?
What is the chance of gain.
500
Bodily injuries/ Damage to someone else/property is under what risk?
What is Liability Risks.
500
When many insurance companies offer discounts for special conditions is?