Insurance in Ireland Assessment

1. What is the primary purpose of insurance?

• a. To protect against financial loss
• b. To promote financial gain
• c. To provide tax benefits
• d. None of the above

2. Which of the following is a type of insurance commonly used in Ireland?

• a. Health insurance
• b. Pet insurance
• c. Travel insurance
• d. All of the above

3. What is the role of an insurance premium?

• a. To cover administrative costs only
• b. To provide profit to the insurance company
• c. To pay for the insured's claims
• d. None of the above

4. Which of the following is an example of property insurance?

• a. Life insurance
• b. Car insurance
• c. Health insurance
• d. None of the above

5. What is the purpose of a deductible in insurance?

• a. To limit the amount of coverage provided
• b. To increase the premium cost
• c. To reduce the insured's financial risk
• d. None of the above

6. Which government agency regulates insurance in Ireland?

• a. Central Bank of Ireland
• b. Irish Insurance Federation
• c. Financial Services Authority
• d. European Insurance and Occupational Pensions Authority

7. What is the term used to describe the amount an insured person must pay out of pocket before insurance coverage begins?

• a. Premium
• b. Deductible
• c. Claim
• d. Policy

8. Which of the following is NOT a type of life insurance?

• a. Term life insurance
• b. Whole life insurance
• c. Variable life insurance
• d. Health insurance

9. Which type of insurance provides coverage for damage or loss caused by flooding?

• a. Home insurance
• b. Car insurance
• c. Travel insurance
• d. Flood insurance

10. What is the purpose of an insurance claim?

• a. To request a refund of premium
• b. To report an accident or loss
• c. To cancel the insurance policy
• d. None of the above