Insurance

Why do we need an insurance?

• The possibility that a future and uncertain event will cause undesired economic consequences

• A past event that caused undesired economic consequences

• The possibility that a future and uncertain event will cause undesired or favourable economic consequences

• A future and certain event will cause undesired economic consequences

What is the price of insurance called?

• Premium

• Policy

• Policyholder

• Claim

Who pays the premium in an insurance contract?

• Policyholder

• Insurer

• Beneficiary

• Insured

How is it calculated the Actuarial Prime?

• Probability of Claim x Claim Benefit

• Probability of Default x Loss Given Default

• Probability of Intersection x Simple Prime

• Delta x Annuities

What is a Level premium?

• A premium that remains unchanged for the duration of the risk

• A premium that takes different values durig the contract period

• A premium in which the policyholder makes a single payment for the entire coverage at the beginning of the coverage period

• A premium in which the policyholder pays the premium periodically during the life of the contract

What are the Direct Channels for selling Insurance?

• Bank Branches

• Brokers

• Telephone, Internet, ATM, Mobile App, ...

• Agents

Which are the most typical General Insurance products?

• Life Insurance

• Savings

• Pensions

• Motor, Home, Health, ...

What happens if a policyholder doesn't pay the insurance?

• After a few days the policy is cancelled.

• The insurer tries to collect the premium and if this is not possible, it will take the debt to court.

• Nothing

• The insurer will claim payment from the beneficiary.

What is the supervisor for insurers in UK?

• Prudential Regulation Authority (PRA)

• European Insurance and Occupational Pensions Authority (EIOPA)

• Insurance Commisioner of England (ICE)

• Insurance Supervisory Authority (ISA)

What is an insurance start-up called?

• InsurTech

• FinTech

• Insur-Up

• TechFin