Chapter 16 Entrepreneurship Quiz

Insurance manages risks by transferring it from the business owner to the __________________

• Insurance Provider

• Governor Square Mall

• Bank for Pay Out

• Policy Holder

__________________ insurance protects a business’s possessions in the event of fire, theft, or damage from the weather. A basic policy could cover the building, its furnishings, and the equipment, supplies, cash, and inventory stored there or offsite.

• Property Insurance

• Liability Insurance

• Worker's Compensation

• Risk and Reward Insurance

__________________ insurance eases some of those concerns by providing protection when a business’s action, or lack of action, injures another party.

• Property Insurance

• Liability Insurance

• Worker's Compensation

• Risk and Reward Insurance

__________________ insurance covers losses to employees due to job- related injury or illness. It’s no-fault insurance, meaning it pays regardless of who is responsible.

• Property Insurance

• Liability Insurance

• Worker's Compensation

• Risk and Reward Insurance

A written contract between the insurer and the policyholder.

• Policy

• Coverage

• Premium

• Deductible

The details of a policy and the protection provided

• Policy

• Coverage

• Premium

• Deductible

The amount of money the person or business that is

insured by the policy pays for coverage.

• Policy

• Coverage

• Premium

• Deductible

The amount the insured must first pay before the insurance

company is required to chip in.

• Policy

• Coverage

• Premium

• Deductible

The possibility of loss.

• Risk

• Pure Risk

• Speculative Risk

• Risk Transfer

Risk that holds the possibility of either gain or loss.

• Risk

• Pure Risk

• Speculative Risk

• Risk Transfer