JC Business Insurance

What is a premium?

• Highest price for insurance
• The best type of insurance
• the cost of the insurance

An insurance policy is

• a contract
• an agreement to pay out money
• a legal doccument
• Both 1 and 3 are correct
• none of the above

An actury is is responsible for which of the following?

• Paying the insurance
• Cleaning the office
• Filling out the forms
• assessing the risk and deciding on the premium

An insurance Broker

• gets quotes from ONE insurance company ONLY
• Compares quotes from many insurance companies

Why is it Life Assurance?

• It isn't, you have spelt it wrong
• because it goes on for a long time
• because it is gaurenteed to pay our
• because YOU wont get the money, someone else will

Step 1: calculate the ______ of the item

what is an insurable interest

What is utmost good faith

Indemnity means you must make a profit from insurance

• true
• false

Contribution means that

• everyone in the houshold must pay so much towards the insurance
• everything must be insured by more than one insurance company
• when you are insured with more than one company they will split the compensation