Insurance Basics
Insurance that protects your home from damage or loss?
Property insurance
Insurance that covers accidents at work?
Workers’ compensation
Companies that sell insurance policies to customers.
Insurers
Buying insurance is an example of which risk management method?
Risk Transfer.
Whose birthday today?
Shohrux
The person who buys an insurance policy?
Policyholder
Type of insurance drivers must have by law in most countries?
Auto Insurance.
Independent experts who evaluate losses after a claim.
Loss adjusters
The process of identifying and analyzing potential losses.
Risk assessment
Capital city of Mongolia?
Ulanbattor
Regular payment to keep insurance active?
Premium
The main reason people buy life insurance?
Financial protection for family
Professionals who calculate insurance risks using math and statistics.
Actuaries
Type of risk that can be measured and insured against.
Pure risk
National food of Uzbekistan?(patented)
Mastava
Amount paid before insurance covers losses?
Deductible
Insurance that businesses use to protect assets?
Commercial insurance
Organizations that protect insurers from major financial losses by sharing risks globally.
Reinsurance companies (Reinsurers)
Risk that cannot be insured because it involves the chance of gain or loss.
Speculative risk
Nowadays's Most valuable startup in the world?
OpenAI
Document that states terms and coverage?
Policy
When multiple claims occur at the same time (like a storm), it’s called?
Catastrophic loss
Specialists who assess risk and decide policy terms.
Underwriters
The principle stating that only the actual financial loss suffered is compensated by insurance.
Principle of indemnity
How much was the most expensive car that was sold at auction(2022)?
$142 million