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Understanding Risk

Authored by Caroline Bradley

Business

12th Grade

Used 3+ times

Understanding Risk
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The chance of loss with no chance for gain

personal risk

property risk

pure risk

liability risk

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of these are examples of pure risk (more than one):

Accidents resulting in physical injury and property damage

Acts of nature, resulting in injury and property damage

Illnesses that people get through life

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

________ risk- is the chance of loss involving your income and standard of living.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Insurance is...

A method for spreading individual risk among a large group of people to make losses more affordable for all

A table of premium rates based on ages and life expectancy.

The chance of loss involving your income and standard of living.

The person/company protected against loss.

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

pure risk involves the possibility of _______________ or _________________________________

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for any losses.

policy

premium

insurance

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed the to the loss.

co-insurance

deductible

claim

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