Insurance Basics
Flashcard
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Other
•
12th Grade
•
Practice Problem
•
Hard
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41 questions
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1.
FLASHCARD QUESTION
Front
The chance of loss.
Back
risk
2.
FLASHCARD QUESTION
Front
A financial product purchased by many people facing a similar risk to protect against the risk of loss.
Back
insurance
3.
FLASHCARD QUESTION
Front
What is the purpose of a deductible in an insurance policy?
Back
The purpose of a deductible in an insurance policy is to share the risk between the insurance company and the policyholder.
4.
FLASHCARD QUESTION
Front
How does a person's age affect their insurance rates?
Back
A person's age can affect their insurance rates due to the risk factors associated with different age groups.
5.
FLASHCARD QUESTION
Front
What is the significance of underwriting in the insurance industry?
Back
Underwriting is important in the insurance industry as it helps insurers assess and manage risks to ensure profitability and sustainability.
6.
FLASHCARD QUESTION
Front
Health Insurance
Back
Protection against financial lost by unplanned health related events
7.
FLASHCARD QUESTION
Front
The contract which details your insurance coverage.
Back
Policy
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