Insurance Industry Quiz

What is a policy?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

What is a premium?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

What is a deductible?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The amount of money that the insured must pay out of pocket before the insurance coverage kicks in

• Legal responsibility or obligation for damages or injuries

What is a claim?

• The amount of money paid by the insured to the insurer

• A formal request made by the insured to the insurer for payment or reimbursement for a covered loss or damage

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

What is underwriting?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

What is coverage?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The scope and extent of protection provided by an insurance policy

• Legal responsibility or obligation for damages or injuries

Who is the insured?

• The person or entity that is covered by an insurance policy

• A contract between the insurer and the insured

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

Who is the insurer?

• The amount of money paid by the insured to the insurer

• The company or organization that provides insurance coverage and assumes the risk

• The process of evaluating and assessing risks

• Legal responsibility or obligation for damages or injuries

What is risk?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• The possibility of loss, damage, or injury that an insurance policy is designed to protect against

• Legal responsibility or obligation for damages or injuries

What is liability?

• The amount of money paid by the insured to the insurer

• A contract between the insurer and the insured

• Legal responsibility or obligation for damages or injuries caused to others

• The process of evaluating and assessing risks