Life Insurance
This is the person who receives the death benefit when the insured person dies.
What is a beneficiary?
John crashes into another car. His insurance pays for the other driver’s car but not his own. What type of cover does John have?
What is third-party cover?
This marine insurance covers the goods being transported.
What is cargo insurance?
The money paid to a beneficiary when the insured person dies is called this.
What is a death benefit?
This motor insurance covers damage to both your own vehicle and other people’s vehicles.
What is comprehensive cover?
__________ insurance protects businesses against losses caused by employee theft or fraud.
What is fidelity insurance?
Maria wants insurance that will pay her money when she turns 60, even if she is still alive. Which type of policy should she choose?
What is an endowment policy?
A __________ discount reduces your premium if you make no claims over a certain period.
What is a no-claims discount?
This type of insurance protects businesses from being sued for injury, negligence, or malpractice.
What is liability insurance?
This type of life insurance pays out a death benefit to a beneficiary after the insured person dies.
What is whole life (permanent) insurance?
A business owns delivery trucks. What type of insurance is required for vehicles?
What is motor insurance?
A company ships electronics overseas. The buyer fails to pay for the shipment. Which type of marine insurance would protect the carrier company?
What is freight insurance?
Insurance companies use statistical knowledge to calculate premiums. Name two factors they consider.
What are life expectancy, occupation, lifestyle activities, medical/family history, or driving record? (Any two)
Name a type of liability insurance.
What is - Public liability insurance, Product liability insurance, or Employer's liability insurance?
A company exports goods overseas and is worried that customers may fail to pay. What type of insurance should they purchase?
What is trade credit (export credit) insurance?