Marketing and Risk Management

__________________ is the uncertainty about a situation’s outcome.  It may be an unpredictable event which leads to loss or damage.

• Risk
• Misfortune
• Fear
• None of the above

______________________ is an arrangement between and individual/business and an insurer to protect the individual/business against risk.

• Agreement
• Insurance
• Contract
• Committment

A(n) _______________________ is a contract between the individual and the insurer specifying the terms of the insurance arrangements. 

• Mortgage
• Premium
• Insurance Policy
• Deductible

A(n) _____________________ is a fee paid to the insurer to be covered under specified terms outlined in the policy.

• Premium
• Insurance Policy
• Deductible
• Payment

A ________________________ is the amount paid out of pocket by the policyholder for the initial portion of a loss before the insurance coverage begins.

• Deductible
• Premium
• Fee
• Payment

The individual or business who purchases an insurance policy is called the ______________________.

• bondholder
• deductibleholder
• premiumholder
• policyholder

Business owners purchase ___________________ insurance to cover legal hassles due to accident, injuries and claims of negligence. 

• Liability
• Full Coverage
• General Liability
• Product Liability

__________________insurance is business insurance specifically for claims due to product/service malfunction. 

• Liability
• Full Coverage
• General Liability
• Product Liability

The minimum amount of car insurance required for all vehicles on the road is __________________ insurance which covers the insured if injuries or damages are caused to other people or their property.

• Liability
• Full Coverage
• Just - Enough
• Health

_________________ insurance covers all parties involved in a car accident or crash up to the amounts specified in the insurance policy.

• Liability
• Full Coverage
• Just-Enough
• Health